Advertisement
Markets

Stock Market Today: Big Tech Gets Grilled; KODK, Stocks Keep Cooking

Big Tech stocks pushed higher Wednesday as their CEOs were questioned on Capital Hill, and Kodak's (KODK) incredible ascent continued.

Investors turned to Washington on Wednesday, where the Federal Reserve made its latest policy statement, and where Big Tech chiefs gathered to face Congress in a historic antitrust hearing. It also saw Eastman Kodak (KODK) continue its sudden sizzling run.

The House Judiciary Antitrust Subcommittee questioned Amazon.com's (AMZN, +1.1%) Jeff Bezos, Apple's (AAPL, +1.9%) Tim Cook, Facebook's (FB, +1.4%) Mark Zuckerberg and Alphabet's (GOOGL, +1.3%) Sundar Pichai on Wednesday, but the hearing did little to shake confidence in their respective shares.

Likewise, America's central bank did little to rock the apple cart, stating it would keep interest rates near zero to support the economy, though Fed Chair Jerome Powell acknowledged "the pace of the recovery looks like it has slowed since mid-June."

Advertisement - Article continues below

"The key to near-term monetary policy will be all about the Fed’s dual mandate, but with one side of the mandate being the primary target (employment) and the other governing how far the central bank is willing to go (inflation)," says Rick Rieder, BlackRock's Chief Investment Officer of Global Fixed Income. "The fact is that the Fed likely has an impressively long runway yet, as it could be a very long time before we regain full employment, which didn’t even appear to be inflation-accelerating at a 3.5% unemployment rate."

Advertisement
Advertisement - Article continues below

The major indices finished broadly higher, with the Dow Jones Industrial Average up 0.6% to 26,539, the S&P 500 up 1.2% to 3,258, and the tech-heavy Nasdaq Composite closing 1.4% higher to 10,542. 

Wall Street's Hottest Growth Story: Kodak?

But Wednesday's major index leader was the the small-cap Russell 2000, which sprinted ahead by 2.1% to 1,500. That was in part thanks to Wednesday's biggest story: the continuing surge of photography (er, pharma?) stock Eastman Kodak.

KODK shares, which more than tripled Tuesday after the company announced it received a $765 million Defense Production Act loan to open pharmaceutical production factories in America, shot another 318% higher Wednesday, tripping well more than a dozen circuit-breakers during the day.

Advertisement - Article continues below

The once-great photography firm, worth less than $100 million by market value to start the week, now is worth roughly $1.5 billion.

Most investors weren't quick enough to jump on KODK's flash success, of course, but that doesn't mean you still can't tap red-hot growth – if you're willing to wait for more than a couple days for these opportunities to ripen, anyway.

Investors who prefer to stay diversified while chasing growth can do so in traditional growth funds, or even look overseas with these 10 emerging-markets ETFs.

If you're looking to take a shot with individual funds, however, sometimes it's best to look where everyone isn't (yet.) The tech sector, for instance, is filled with stocks that sit in the shadow of the Apples and Microsofts of the world but have explosive growth potential nonetheless.

Actually, tech isn't alone in that respect. Here, we look at 19 stocks that probably aren't on your radar … but are doing more and more to deserve your attention.

Advertisement
Advertisement

Most Popular

What Trump's Payroll Tax Cut Will Mean for You
Tax Breaks

What Trump's Payroll Tax Cut Will Mean for You

President Trump issued an executive order to suspend the collection of Social Security payroll taxes. How much will it save you?
August 10, 2020
7 Surprisingly Valuable Assets for a Happy Retirement
happy retirement

7 Surprisingly Valuable Assets for a Happy Retirement

If you want a long and fulfilling retirement, you need more than money. Here are the most valuable retirement assets to have (besides money), and how …
August 3, 2020
How a Second Stimulus Check Could Differ from Your First One
Tax Breaks

How a Second Stimulus Check Could Differ from Your First One

The HEROES Act, which the House passed in May, would authorize another round of stimulus checks. While the new payments would be similar to the first …
August 11, 2020

Recommended

Stock Market Today 8/11/20: Banks, Industrials Hold Up Against Downdraft
Markets

Stock Market Today 8/11/20: Banks, Industrials Hold Up Against Downdraft

A lack of movement on stimulus and little else to encourage Wall Street resulted in a broad down day Tuesday, but the recent market rotation continued…
August 11, 2020
Stock Market Today 8/10/20: The Dow Heats Up as Tech Tones It Down
Markets

Stock Market Today 8/10/20: The Dow Heats Up as Tech Tones It Down

A rotation from red-hot Big Tech into more battered cyclical sectors fueled a big gain for the Dow on Monday.
August 10, 2020
Kiplinger's Weekly Earnings Calendar
stocks

Kiplinger's Weekly Earnings Calendar

Check out our earnings calendar for the upcoming week, as well as our previews of the more noteworthy reports.
August 9, 2020
Stock Market Today 8/7/20: Strong July Jobs Report Has a Dark Side
Markets

Stock Market Today 8/7/20: Strong July Jobs Report Has a Dark Side

A better-than-expected employment report that saw 1.8 million U.S. jobs added in July didn't give the markets much of a boost Friday.
August 7, 2020