Markets closed today at session highs across the board, as the indices managed to reverse the modest selling off ahead of today’s pre-market. The Dow gained +187 points, +0.56% overall, while the S&P 500 was +0.70%. The Nasdaq performed admirably, +1.01% or +106 points, but it was the small-cap Russell 2000 that was the strongest of the four, +1.49%.
The World Bank today issued an update on its Global Growth Projection for 2023 — slashing it to +1.7% from +3% it posted just six short months ago. World Bank President David Malpass cited the usual suspects for a sluggish global economy going forward — higher inflation and interest rates — for what he sees as a “sharp, long-lasting slowdown,” with added concern for emerging-market countries.
“Emerging and developing countries” are expected to experience a “multi-year period of slow growth,” based on “heavy burdens and weak investment,” according to Malpass. Emerging countries are expected to grow +2.8% — a full percentage point lower than the yearly average between 2010-2019. Advanced economies, including the U.S., are now projected to grow +0.5% this year, compared with +2.5% in 2022.
The World Bank put more of its weight behind concerns in the developing world than the already-developed countries like the U.S. A global recession might have serious detrimental effects in the poorer regions of the world, like sub-Saharan Africa, which may find more people falling into poverty as a result. This is an institution whose primary function has always been about developing countries that need assistance, so Malpass’ focus is understandable.
CVS Health (CVS - Free Report) is said to be in talks to purchase Medicare primary care services firm Oak Street Heath Co. for roughly $10 billion. This deal would help build out CVS’ Medicare services, which does have many synergistic possibilities, even as CVS shares slipped -1% in regular trading today. Oak Street Health, on the other hand — a company that is not yet profitable — is up +28% on the news, making it one of the strongest plays today.
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Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
Markets closed today at session highs across the board, as the indices managed to reverse the modest selling off ahead of today’s pre-market. The Dow gained +187 points, +0.56% overall, while the S&P 500 was +0.70%. The Nasdaq performed admirably, +1.01% or +106 points, but it was the small-cap Russell 2000 that was the strongest of the four, +1.49%.
The World Bank today issued an update on its Global Growth Projection for 2023 — slashing it to +1.7% from +3% it posted just six short months ago. World Bank President David Malpass cited the usual suspects for a sluggish global economy going forward — higher inflation and interest rates — for what he sees as a “sharp, long-lasting slowdown,” with added concern for emerging-market countries.
“Emerging and developing countries” are expected to experience a “multi-year period of slow growth,” based on “heavy burdens and weak investment,” according to Malpass. Emerging countries are expected to grow +2.8% — a full percentage point lower than the yearly average between 2010-2019. Advanced economies, including the U.S., are now projected to grow +0.5% this year, compared with +2.5% in 2022.
The World Bank put more of its weight behind concerns in the developing world than the already-developed countries like the U.S. A global recession might have serious detrimental effects in the poorer regions of the world, like sub-Saharan Africa, which may find more people falling into poverty as a result. This is an institution whose primary function has always been about developing countries that need assistance, so Malpass’ focus is understandable.
CVS Health (CVS - Free Report) is said to be in talks to purchase Medicare primary care services firm Oak Street Heath Co. for roughly $10 billion. This deal would help build out CVS’ Medicare services, which does have many synergistic possibilities, even as CVS shares slipped -1% in regular trading today. Oak Street Health, on the other hand — a company that is not yet profitable — is up +28% on the news, making it one of the strongest plays today.
Questions or comments about this article and/or its author? Click here>>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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