Meet the Only Stock I've Purchased During the Nasdaq Correction
One high-growth, cash-rich tech stock checks all the right boxes amid a historically pricey market.
Over the last five weeks, investors have been given a needed but potentially unpleasant reminder that stocks don't move higher in a straight line. Between Feb. 19 and March 21, the widely followed Dow Jones Industrial Average, broad-based S&P 500 (SNPINDEX: ^GSPC), and growth stock-powered Nasdaq Composite (NASDAQINDEX: ^IXIC) respectively shed 5.9%, 7.8%, and 11.3% of their value.
You'll note the double-digit percentage decline for the Nasdaq Composite firmly placed this market-leading index in correction territory.
While stock market corrections are traditionally a great time to do some bargain hunting, a historically pricey market has made me think twice about pulling the trigger. During this five-week downturn, there's only one stock I've purchased -- and it's quickly become one of my core holdings.
