Why Buying Palo Alto Networks Now Is a Genius Move
The U.S. dollar index peaked in early November 2022 and has since fallen like a rock. Historically, when investors believe that the dollar will remain weak, they will bid up the stock price of technology stocks, which appears to be the case starting this new year.
So far, the Technology Select Sector SPDR Fund, which tracks an index of S&P 500 technology stocks, has risen around 15% in 2023. And with a rising tide lifting all boats, Palo Alto Networks' (NASDAQ: PANW) shares have risen 17%. However, you should refrain from investing based solely on what happens in foreign exchange markets.
Let's consider some other excellent reasons why Palo Alto Networks should be high on your potential buy list in this uncertain economic environment.
Source Fool.com
