|
The seesaw in market leadership tilted back toward tech on Tuesday as Federal Reserve leaders continued to stump for Congressional help and as European COVID concerns continued to bubble.
Fed Chair Jerome Powell told the House Committee on Financial Services that, while the economy is indeed improving, continued progress is "highly uncertain" and continued to stress the importance of additional fiscal stimulus. Separately, Chicago Fed President Charles Evans was more specific, saying the country risks "recessionary dynamics" without a new rescue package.
SEE MORE The 25 Best Low-Fee Mutual Funds to Buy in 2020
Meanwhile, the U.K. announced earlier closing hours on pubs and restaurants Tuesday, a day after Deutsche Bank analysts said to "expect lots more restrictions over the days and weeks ahead."
The Nasdaq Composite climbed 1.7% to 10,963 thanks to gains in the tech and communications sectors. It was also helped by a 5.7% surge in Amazon.com (AMZN), which received a Buy call from Bernstein, launched a $499 Peloton (PTON, -0.4) knock-off bike called Prime Bike and set the stage for this year's Prime Day.
Other action in the stock market today:
The Dow Jones Industrial Average improved by 0.5% to 27,288.The S&P 500 gained 1.1% to 3,315.
The small-cap Russell 2000 finished 0.7% higher to 1,496.
Tesla
|
RELATED ARTICLES | | |
|
 Lululemon Athletica Inc. LULU said it will resume its stock buyback program that had been halted because of COVID-19, according to a Securities and Exchange Commission filing late Tuesday. The company said it has $263.6 million in shares left on a repurchase program that expires on Jan. 31. Lululemon shares rose 2.3% after hours, following a 6.1% gain in the regular session to close at $313.60. The stock is up 35% for the year, compared with a 2.6% gain in the S&P 500 index SPX.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
|
|
Xbox Series X pre-orders begin, and gamers are eager to buy CNNXbox Series X pre-orders are a mess despite Microsoft's promises PolygonXbox Series X sold out? These are the retailers we think will have stock soon TechRadarEditorial: Quest 2 & PSVR 2 Must Make Xbox VR Happen UploadVRWhere to Preorder Xbox Series X and Xbox Series S IGN
|
|
A good, old-fashioned investor panic that punished even solid blue-chip stocks led investors to pull money out of hedge funds like crazy earlier this year. But now it appears that the good times are rolling again.
The benchmark Eurekahedge Hedge Fund Index is sporting a five-month trailing return of almost 13% since March. That includes a 1.9% improvement in August. It's little wonder, then, that net inflows to hedge funds increased by nearly $18 billion last month.
If hedge funds are bullish on a recovery in both the economy and equity markets, it's not a bad idea to see how the so-called smart money is positioning itself for those bets. To get an idea of what hedge funds are holding these days, we turned to WhaleWisdom, where we were able to determine hedge funds' favorite names based on the number of funds holding a position in any given stock.
Big, blue-chip stocks are unsurprisingly over-represented on the list. Indeed, of the 25 most popular hedge fund stocks, 10 are components of the Dow Jones Industrial Average. Partly that's a function of their massive market capitalizations and attendant liquidity, which creates ample room for big institutional investors to build or sell large positions.
In plenty of other cases, however, hedge funds are betting on some of today's hottest growth stocks.
Have a look at hedge funds' 25 favorite blue-chip stocks to buy now. All these names likely appeal to the smart money because of their size, strong track records or outsized growth prospects, but we'll delve into a few specifics that make each pick special.
SEE MORE 20 Best Stocks to Buy for the New Bull Market
Data is as of Sept. 16, unless otherwise noted. Companies are listed in reverse order of popularity with hedge funds, according to WhaleWisdom. Dividend yields are calculated by annu
|
|
Private Label