History Suggests the Nasdaq Could Soar in 2024, and Here's the Stock to Buy If It Does
In the 37-year history of the Nasdaq-100 index, it has only posted a loss in consecutive years on one occasion: during the dot-com tech crash from 2000 to 2002. Therefore, when the index plunged 33% last year, a rebound in 2023 was the likely outcome.
True to history, the Nasdaq-100 has absolutely ripped higher with a 52% gain this year. Macroeconomic headwinds, like inflation and interest rate pressures, eased, which was helpful. But investors will be pleased to know that also bodes very well for 2024. See, bounce-back years like 2023 have always been followed by another positive year, which tends to produce a return of 21.5% (on average).
With that in mind, semiconductor stock Axcelis Technologies (NASDAQ: ACLS) could be a fantastic buy if the market continues to move higher. The company is growing its revenue and earnings at a brisk pace, and its stock trades at a bargain valuation right now. Here's what investors need to know.
Source Fool.com
