Back to top
We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Image: Bigstock
S&P 500 ETF (SPY) Hits New 52-Week High
For investors seeking momentum, SPDR S&P 500 ETF Trust (SPY - Free Report) is probably on radar. The fund just hit a 52-week high and is up 30.5% from its 52-week low price of $364.82/share.
But are more gains in store for this ETF? Let’s take a quick look at the fund and the near-term outlook on it to get a better idea on where it might be headed:
SPY in Focus
SPDR S&P 500 ETF invests in stocks on the S&P 500 Index, representing 500 of the largest U.S. companies. It is widely spread across sectors with information technology, healthcare, consumer discretionary, financials and communication services accounting for a double-digit allocation each. The product charges 9 basis points in fees (see: all the Large Cap Blend ETFs here).
Why the Move?
The S&P 500 Index has been an area to watch lately given that it has been hitting a series of record highs. The benchmark notched the 69th record close of the year. A Santa Claus rally as well as strong holiday sales powered the markets at the end of the year amid the raging new COVID-19 variant.
More Gains Ahead?
Currently, SPY has a Zacks ETF Rank #2 (Buy) with a Medium risk outlook, suggesting continued outperformance in the months ahead. Further, many of the segments that make up this ETF have a strong Zacks Industry Rank. So, there is definitely some promise for those who want to ride this surging ETF a little further.