USA

Stock Market Today: Stocks Step Back Amid Economic Gloom

Stocks tumbled Wednesday, weighed down by some downbeat economic data and the stalemate in Congress over additional fiscal stimulus. On the economics front, a report from IHS Markit showed the recovery in U.S. business activity slowed last month, raising fears that the economy is decelerating as it approaches the end of the third quarter. Meanwhile, the impasse in D.C. over a second round of financial help for businesses and the unemployed continued to hurt investor sentiment. The blue-chip Dow Jones Industrial Average finished the session down 1.9%, or 525 points, at 26,763.

Although stocks gave up early gains on Wednesday morning following disappointing business activity data, strategists noted that the landscape wasn't totally bereft of good news. "On the positive side, Nike posted strong fiscal first-quarter earnings, driven by more than 80% growth in digital sales," writes Argus Research. "Johnson & Johnson also announced the start of a Phase 3 trial of its single-dose coronavirus vaccine candidate."

Advertisement - Article continues below

Other action in the stock market today:

Don't Overlook Growth Stocks with a Value Component

It's no secret that growth stocks have outperformed value stocks over the past decade, and they aren't expected to cool off anytime soon. They sure have proven their worth in 2020. Some long-term investors may be put off by the tendency of growth stocks to have pricier valuations and greater volatility, but there's actually no shortage of growth names that have a value component as well. Check out the stocks most favored by the nation's hedge funds, and you'll see plenty of "growth" names that have rock-solid balance sheets, defensible franchises and even steady dividends. Or have a look at the normally poky telecommunications sector, which can claim ownership of some stocks poised for outsized growth thanks to the build-out of 5G mobile networks. And it shouldn't go unnoticed that Warren Buffett -- an investor who hardly takes untoward risk and loves dividends -- has bought a slew of growth stocks for Berkshire Hathaway's portfolio. Indeed, notwithstanding his recent backing of a blockbuster tech IPO, many of Buffett's favorite growth stocks offer investors a comfortable combination of outperformance, income and safety. 

Football news:

Hans-Dieter flick: I Hope Alaba will sign a contract with Bayern. Our club is one of the best in the world
Diego Maradona: Messi gave Barca everything, brought them to the top. He was not treated the way he deserved
Federico Chiesa: I hope to leave my mark in Juve. We will achieve great results
The Coach Of Benfica: I don't want us to look like the current Barcelona, it has nothing
Guardiola on returning to Barca: I'm happy at Manchester City. I hope to stay here
Fabinho will not play with West ham due to injury
Ronald Koeman: Maradona was the best in his time. Now the best Messi