The S&P 500 resumed its trajectory to record levels during Wednesday’s trading session as investors sloughed off the effects of the coronavirus. While the markets have taken a reprieve from coronavirus outbreak news, it doesn’t necessarily mean the threat is obliterated.
“We think the number of new reported cases will be a critical signpost,” said Niall MacLeod, a strategist at UBS, in a note.
Additionally, the markets got boosted after private payrolls rose by 291,000 during the month of January, which constituted its best month since May 2015, based on data from ADP and Moody’s Analytics.
“Since today’s data came in well above market expectations, this release is likely to inspire other forecasters to revise their forecasts,” said Ward McCarthy, chief financial economist at Jefferies.
Traders looking to go long on a particular index can look to these ETFs for opportunities:
- ProShares UltraPro S&P500 (UPRO ): seeks daily investment results that correspond to three times the daily performance of the S&P 500® Index. The fund invests in financial instruments that ProShare Advisors believes, in combination, should produce daily returns consistent with the fund’s investment objective. The index is a measure of large-cap U.S. stock market performance.
- ProShares UltraPro QQQ (TQQQ ): seeks daily investment results that correspond to three times daily performance of the NASDAQ-100 Index®. The fund invests in financial instruments that ProShare Advisors believes, in combination, should produce daily returns consistent with the fund’s investment objective. The index includes 100 of the largest domestic and international non-financial companies listed on The Nasdaq Stock Market based on market capitalization.
- ProShares UltraPro Dow30 (UDOW ): seeks daily investment results that correspond to three times the daily performance of the Dow Jones Industrial Average® Index. The fund invests in financial instruments that ProShare Advisors believes, in combination, should produce daily returns consistent with the fund’s investment objective. The index is a price-weighted index and includes 30 large-cap, “blue-chip” U.S. stocks, excluding utility and transportation companies.
- ProShares UltraPro MidCap400 (UMDD ): seeks daily investment results that correspond to three times the daily performance of the S&P MidCap 400® Index. The fund invests in financial instruments that ProShare Advisors believes, in combination, should produce daily returns consistent with the fund’s investment objective. The index is a measure of mid-size company U.S. stock market performance.
- ProShares UltraPro Russell2000 (URTY ): seeks daily investment results that correspond to three times the daily performance of the Russell 2000® Index. The fund invests in financial instruments that ProShare Advisors believes, in combination, should produce daily returns consistent with the fund’s investment objective. The index is a measure of small-cap U.S. stock market performance.
This article originally appeared on ETFTrends.com.
