Between the closing bells on Feb. 19 and March 13, the iconic Dow Jones Industrial Average, benchmark S&P 500 (^GSPC), and growth-focused Nasdaq Composite (^IXIC) respectively tumbled by 8.6%, 10.1%, and 13.7%. The double-digit percentage declines for the S&P 500 and Nasdaq Composite placed both indexes in official correction territory.
However, these line-in-the-sand corrections were relatively short-lived. The S&P 500 needed only one session to move out of correction, with the Nasdaq Composite following suit on March 24.
Traditionally, stock market corrections have been the perfect time for long-term-minded investors with ample cash on hand to go shopping for bargains. Even if the Nasdaq’s downturn isn’t over just yet, five historically cheap growth stocks stand out as sensational buys.
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