The S&P 500 hit the major milestone of 3,000 for the first time ever, overplaying global slowdown concerns. It took five years to make a 1,000-point jump. The index had reached 2,000 on Aug 26, 2014. Trade optimism and hopes of easing policies are acting as the biggest catalysts this year.
The Fed in its latest testimony bolstered the case for easier monetary policy, citing slower business investments across the United States and lingering uncertainties over the economic outlook. Lower rates would make borrowings cheaper, providing a boost to both investment in new projects and repayment of higher-rate debt. As such, it would lead to strong economic growth and is thus a boon for the stock market.
Additionally, rising oil price driven by the extension in OPEC output cut deal, supply threats and shrinking inventories are providing a solid boost. Further, recovery in the U.S. housing market as well as the flurry of M&A deals bode well for the stock market. Moreover, the American economy is on a growth path, albeit at a slower pace, buoyed by strong job growth, rising consumer confidence and higher consumer spending.
While the gains were broad-based over a five-year period, we have highlighted those top-ranked stocks that have led the S&P 500′s five-year run from 2,000 to 3,000. These stocks have a solid Zacks Rank #1 (Strong Buy) or 2 (Buy) and will continue to outperform in the years ahead given their superior fundamentals. You can see
. the complete list of today's Zacks #1 Rank stocks here MarketAxess Holdings Inc. MKTX - Up 620.4% This company operates one of the leading platforms for the electronic trading of corporate bonds and certain other types of fixed-income securities. It belongs to a top-ranked Zacks industry (top 14%) and has a market cap of $12.9 billion. The stock carries a Zacks Rank #2 and has a VGM Score of C. Copart Inc. CPRT - Up 324.9% It is a global leader in online vehicle auctions. It has a market cap of $17.2 billion and belongs to a top-ranked Zacks industry (top 19%). Copart has a Zacks Rank #2 and VGM Score of C. WellCare Health Plans Inc. WCG - Up 268.4% This company focuses exclusively on providing government-sponsored managed care services, primarily through Medicaid, Medicare Advantage and Medicare Prescription Drug Plans, to families, children, seniors and individuals with complex medical needs. It has market cap of #14 billion and falls under the top-ranked Zacks industry (top 5%). The stock flaunts a Zacks Rank #1 and VGM Score of B. Zoetis Inc. ZTS - Up 250.1% Zoetis discovers, develops, manufactures and markets veterinary vaccines and medicines, complemented by diagnostic products and genetic tests and supported by a range of services. With a market cap of $54.2 billion, the stock falls under the top-ranked Zacks industry (top 29%) and sports a Zacks Rank #1. It has a VGM Score of B. Intuit Inc. INTU - Up 237.9% With a market cap of $70.2 billion, Intuit provides financial management and compliance products and services for small businesses, consumers, self-employed and accounting professionals. The stock has a Zacks Rank #2 and VGM Score of B. It further belongs to the top-ranked Zacks industry (top 39%). More Stock News: This Is Bigger than the iPhone! It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market. Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020. Click here for the 6 trades >>
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Click to get this free report Intuit Inc. (INTU): Free Stock Analysis Report Zoetis Inc. (ZTS): Free Stock Analysis Report WellCare Health Plans, Inc. (WCG): Free Stock Analysis Report MarketAxess Holdings Inc. (MKTX): Free Stock Analysis Report Copart, Inc. (CPRT): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research