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U.S. Equity ETF (IVV) Hits New 52-Week High

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For investors seeking momentum, iShares Core S&P 500 ETF (IVV - Free Report) is probably on radar. The fund just hit a 52-week high and is up 27.7% from its 52-week low price of $257.95/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:

IVV in Focus

IVV provides exposure to 505 large and established U.S. companies. It has key holdings in information technology, healthcare and financials. The product charges 4 basis points in fees (see: all the Large Cap Blend ETFs here).

Why the Move?

The U.S. stock market has been an area to watch lately given that the major bourses are scaling new highs. Easing of Middle East tensions, the expected signing of the phase one trade deal this week and earnings optimism are driving stocks higher. The latest rally was brought in by the news that the United Stated would remove China from the list of countries that it considers as currency manipulators, signaling their improving relationship.

More Gains Ahead?

Currently, IVV 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.

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