For investors seeking momentum, SPDR S&P 500 Growth Portfolio ETF (SPYG - Free Report) is probably a suitable pick. The fund just hit a 52-week high — up roughly 29.6% from its 52-week low of $33.20/share.
Does it have more gains in store? Let’s take a look at the fund and its near-term outlook to gain an insight into where it might be headed:
SPYG in Focus
The underlying S&P 500 Growth Index measures the performance of the large-capitalization growth sector in the U.S. equity market. The fund charges 4 bps in fees (see all Style Box - Large Cap Growth ETFs here).
Why the Move?
Wall Street rebounded soon after a wobbly start to the New Year (due to geopolitical tensions) as investors shrugged off fears of a possible escalation in Middle East tensions. The S&P 500 is at the record high now. U.S.-China trade optimism, a dovish Fed, easing of Brexit uncertainty and dissipating global growth worries have been driving the market.
More Gains Ahead?
The fund has a Zacks Rank #1 (Strong Buy) and has a positive weighted alpha of 27.60, which gives cues of further rally.
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