The stock market closed higher on Friday after a volatile session. U.S. reversed earlier losses following the Federal Reserve’s interest rate decision and increasing fears in the banking sector.
Meanwhile, Supermicro Computers (SMCI) is #1 on the IBD 50 this week, while HubSpot (HUBS) is #1 on the IBD Big Cap 20.
On the day, S&P 500 increased 0.6% to 3,971, while NASDAQ grew 0.3% to 11,824.
Tweet of the Day
Fundstrat's @MarkNewtonCMT says there could be a near-term pullback in the cards, here’s why: pic.twitter.com/LNa2xhouuF
— CNBC Halftime Report (@HalftimeReport) March 24, 2023
Chart of the Day
Here is the ten-year chart of EPAM Systems (EPAM) as of March 7, 2023, when the stock was at $305.
EPAM engineers technologically advanced websites and digital platforms for enterprise organizations. The company is an end-to-end software services business that consults with firms on their needs, designs solutions, engineers technology, and operates the system before finally optimizing it.
Year 2022 was quite a year for the company. In February 2022, management expected to grow 40% in 2022. At the time, EPAM had lots of customers in Russia and Staff in Ukraine. Then Russia invaded Ukraine, and the company relocated staff and ended doing business in Russia. Business in Europe slowed as organizations got worried.The company ended up doing 28% revenue growth in 2022.
EPAM is part of the Growth Portfolio.
