Stocks tumbled Wednesday, hurt by downbeat economic news and concern over the surge in new coronavirus cases. The U.S. identified more than 35,000 new cases of COVID-19 on Tuesday, the highest single-day total since late April and the third-highest total of the entire pandemic. With new cases rising in more than 20 states, investors are coming to grips with the possibility that parts of the U.S. might need to go back under lockdown. In gloomy economic news, the International Monetary Fund slashed its 2020 global output forecast to -4.9% from -3%. The Dow fell 2.7% to close at 25,445.
Wednesday's washout doesn't mean the end is nigh for the current uptrend. Tech stocks, the stars of 2020, held up relatively well Wednesday, with Intel (-1.4%) and Apple (-1.8%) helping to mitigate the Dow's loss. Indeed, it's reasonable to assume that tech stocks, ranging from famous names to under-the-radar firms, will continue to lead the market higher in a post-pandemic world. Between momentum and fundamentals, the tech sector remains the best bet for market leadership, a fact that's not lost on the "smart money." Among hedge funds' favorite stocks, tech claims four of the five top spots. Have a look at all 25 of hedge funds' favorite blue-chip stocks.
From just $107.88 $24.99 for Kiplinger Personal Finance
Be a smarter, better informed investor.
Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
-
Amazon Ends Free Shipping Benefit Sharing with Non-Household MembersStarting October 1, Prime members will no longer be able to share shipping perks with those outside their household.
-
Big Tech Names Rise Above Broad Weakness: Stock Market TodaySome familiar names enjoyed solid rallies on the resolution of outstanding questions, but macro uncertainty hangs over the broader market.
-
If You'd Put $1,000 Into Sherwin-Williams Stock 20 Years Ago, Here's What You'd Have TodaySherwin-Williams stock has clobbered the broader market by a wide margin for a long time.
-
If You'd Put $1,000 Into UnitedHealth Group Stock 20 Years Ago, Here's What You'd Have TodayUNH stock was a massive market beater for ages — until it wasn't.
-
If You'd Put $1,000 Into Berkshire Hathaway Stock 20 Years Ago, Here's What You'd Have TodayBerkshire Hathaway is a long-time market beater, but the easy money in BRK.B has already been made.
-
If You'd Put $1,000 Into Procter & Gamble Stock 20 Years Ago, Here's What You'd Have TodayProcter & Gamble stock is a dependable dividend grower, but a disappointing long-term holding.
-
My Three-Day Rule for Investing: And If it Applies NowStock Market I've seen a lot in my career. Here's what I see now in the stock market.
-
Is It Time to Invest in Europe?Stock Market Europe is being shaken out of its lethargy, militarily and otherwise, by Donald Trump's changes in U.S. policy. Should investors start buying?
-
Why Is Warren Buffett Selling So Much Stock?Berkshire Hathaway is dumping equities, hoarding cash and making market participants nervous.
-
If You'd Put $1,000 Into Google Stock 20 Years Ago, Here's What You'd Have TodayGoogle parent Alphabet has been a market-beating machine for ages.
