1 Growth Stock to Buy and Hold in a Market Downturn
A $10,000 investment in Amazon's (NASDAQ: AMZN) stock a decade ago would be worth about $76,000 today. With that kind of long-term growth, it's hard not to be bullish about the retail giant. The company's business has exploded in recent years as it has become the go-to for online shoppers worldwide and carved out a leading role in the cloud market.
However, it hasn't been all sunshine and blue skies for Amazon. An economic downturn in 2022 saw its stock plunge 50% over a 12-month period, alongside significant declines in e-commerce profits.
Yet, the tech giant delivered an impressive turnaround last year, putting its business on a firmer footing for 2024. Amazon's stock has risen 80% since last January as its retail division has delivered multiple quarters of impressive growth. Meanwhile, a boom in artificial intelligence (AI) could mean major gains for its cloud platform, Amazon Web Services (AWS), over the long term.
Source Fool.com
