On today’s episode of Free Lunch here at Zacks, Associate Stock Strategist Ben Rains dives into why all three major U.S. indexes surged to new highs Thursday. We also take a look at the global economic outlook for 2020, department store worries, and more. The episode then closes with why Sanderson Farms, Inc. (SAFM - Free Report) is a Zacks Rank #1 (Strong Buy) stock right now.
The Dow, S&P 500, and Nasdaq all jumped to new highs again Thursday. The positivity came after President Trump signaled that the U.S. and Iran are stepping back from an open conflict.
On top of that, Wall Street was pleased to hear that China’s Commerce Ministry said Thursday that China’s chief trade negotiator will travel to Washington early next week to sign the so-called phase-one trade.
This news comes as World Bank economists said that they estimate that global growth will reach 2.4% in 2019. This would mark the worst year since the financial crisis.
In company related news, Tesla (TSLA - Free Report) stock hit a new high Thursday. Meanwhile, Grubhub (GRUB - Free Report) announced Wednesday that it is considering strategic options.
Plus, Kohl’s (KSS - Free Report) , Macy’s (M - Free Report) and Bed Bath & Beyond (BBBY - Free Report) stock all fell Thursday on the back of worrying holiday period sales.
We close with a dive into why Sanderson Farms is a Zacks Rank #1 (Strong Buy) stock at the moment, as the Food - Meat Products industry, which includes Pilgrim's Pride Corporation (PPC - Free Report) , appears strong.
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