5 Stocks That Have Skyrocketed In 2019 And Still Hold Momentum

Wall Street started 2019 with a lot of vigor, quickly erasing the loss it suffered in 2018. The U.S. economy is in good shape and the Fed has decided to practice patience on rate hike. Inflation is also under the 2% benchmark of the central bank.

However, of late, investors are concerned about an impending global economic slowdown that may hinder the growth of the U.S. economy.

Global Concerns  

On Mar 7, the European Central Bank lowered the 2019 growth projection for the 19-member Eurozone to 1.1% from its earlier projection of 1.7%. On Feb 6, the European Commission lowered the 2019 growth projection for Eurozone from 1.9% in November to 1.3%.

On Mar 4, Chinese premier Li Keqiang’s annual work report presented to the National People’s Congress pegged the country’s growth rate at the 6-6.5% range for 2019. Notably, China’s growth rate in 2018 was 6.6%.

On Feb 4, Bank of England reduced the 2019 growth rate for the U.K. to 1.2% from 1.7% forecast earlier. Economic projection for 2020 was also trimmed to 1.5%. The root cause for this likely slowdown is the Brexit-related conundrum.

Wall Street Loses Momentum

Due to global economic concerns and some weak economic data of the U.S. economy, all the three major stock indexes ended in the red for the first time in 2019 for the week ended March 8. However, indexes are firmly in the positive territory so far in 2019.

5 Stocks Moving Higher Despite Concerns

The recent concerns have not however stalled the market’s growth entirely. We have been able to narrow down our search on five stocks, which have moved higher and still hold potential provide further upside. All five stocks currently sport a Zacks Rank #1 (Strong Buy) and VGM Score of A.

Abercrombie & Fitch Co. (ANF  - Free Report) operates as a specialty retailer of premium, high-quality casual apparel for men, women, and kids. The company made significant progress in expanding its digital and omnichannel capabilities. Notably, digital engagement with consumers has been its core strength.

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