3 Top Stocks That Could Double in 2024
We're in the closing weeks of 2023 now, and looking back to the start of the year, most investors would probably be surprised that stocks have posted such strong gains this year. Though fears of a recession have persisted and interest rates have remained elevated, stocks still managed to soar this year. The S 500 is up 19.4% for the year, while the Nasdaq Composite has jumped by 36.3%, partially driven by excitement over new artificial intelligence (AI) technologies and a reversal of a sharp sell-off in tech stocks in 2022.
Going into 2024, investors are likely to be surprised again, but there are some clues as to where markets might head next year. Most prognosticators now expect the Federal Reserve to begin lowering interest rates next year, which should offer some support to growth stocks that had been hard hit by the Fed's campaign to rein in inflation.
In particular, three stocks that are down sharply from their pandemic-era peaks that could double next year are Upstart (NASDAQ: UPST), Redfin (NASDAQ: RDFN), and Opendoor Technologies (NASDAQ: OPEN). Let's take a closer look at each one to see why they could double in value next year.
Source Fool.com
