1 Growth Stock to Buy and Hold in a Market Downturn
The stock market is having a pretty good year overall. The S&P 500 is up about 23% year to date as of Dec. 14, and 2021 is on pace to be one of the best years in the past decade. But value stocks have led the way, for the most part, bouncing back from the pandemic-induced recession of 2020. The financial sector, in particular, has been strong this year, but one segment of the sector, credit card and payment companies, has not.
Payment companies had robust gains in 2020, as more people were forced to embrace digital and contactless payments due to the pandemic. Mastercard (NYSE: MA), for example, saw its stock price increase over 20% last year. But this year, the stock is down about 3% -- with all of the losses coming in the second half of the year. Since mid-July, Mastercard is down about 12% and is currently trading at about $343 a share. Here's why it's a good time to buy and hold this growth stock.
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Source Fool.com
