The Nasdaq-100 Could Soar in 2024 -- 1 Magnificent Stock Near Its 52-Week Low to Buy Right Now
The Nasdaq-100 technology index plunged 33% in 2022, but historical data going back to its inception in 1986 suggests it rarely falls two years in a row. In fact, it only happened on one occasion and that was during the dot-com tech bust from 2000 to 2002. True to form, the Nasdaq-100 bounced back this year with a gain of 43% so far.
Even better, history also points to a strong 2024, because the index has always followed through with a positive return in the year after its initial rebound. While it's unlikely investors will experience a gain as large as 2023's, the data suggests investors can still look forward to an upside of 21% next year (if history repeats). Buying quality tech stocks at a great price right now might be a prudent move.
DigitalOcean (NYSE: DOCN) stock is trading near its 52-week low despite a strong bounce after reporting its financial results for the third quarter of 2023. Here's why this cloud stock is exactly the buying opportunity investors should be looking for ahead of further gains in the broader market.
Source Fool.com
