The Ultimate Growth Stock to Buy With $1,000 Right Now
Growth stocks have been in fine form on the market over the past year thanks to numerous reasons, including cooling inflation, the Federal Reserve's pause on interest rate hikes, and a resilient economy. That momentum looks set to continue in 2024.
Investment research firm Fundstrat's Tom Lee predicts that the S 500 index will jump as much as 30% this year from 2023 levels. The Nasdaq-100 index is also seeing forecasts of robust gains in 2024 following the impressive 54% jump it clocked in 2023. That's because the Nasdaq-100 has historically averaged a 24% gain in the year which follows a year with 40%-plus gains, according to fintech broker Capex.com.
The market could keep soaring, as the Fed is anticipated to cut the interest rate four times this year, according to Goldman Sachs, as inflation hits the central bank's target of 2%. This could pave the way for more gains at Palantir Technologies (NYSE: PLTR) following the growth stock's red-hot 116% surge in the past year.
Source Fool.com
