The stock market closed higher on Thursday as the House passed a bill to raise the U.S. debt limit. This was pivotal to avoid a default.
Overall, S&P 500 rose 1.0% to 4,221, while NASDAQ grew 1.3% to 13,101.
Tweet of the Day
Trade School: NVIDIA. @Downtown Josh Brown breaks down the technicals on this monster breakout. #TradeSchool $NVDA pic.twitter.com/EyqXsjkaL3
— CNBC Halftime Report (@HalftimeReport) June 1, 2023
Chart of the Day
Here is the ten-year chart of Booking Holdings (BKNG) as of May 24, 2023, when the stock was at $2,626.
Booking is the world leader in online travel and related services.
Booking continues to see strong demand for travel as the company just recorded quarterly record highs in both room nights and gross bookings. Gross travel bookings surged by 44% (approx. 52% increase in constant currency year-over-year) compared to the previous year, while room nights booked soared by 38%, signaling increased travel activity. Room nights and bookings came in above previous expectations, while revenue growth of 44% beat analyst estimates of 40%. International rooms booked was 53% of total rooms booked, the highest quarterly mix since 2019.
BKNG was once rapid growth stock that has since evolved into a Blue Chip stock. It just set travel records in what is the slowest quarter of the year. That bodes well for the upcoming travel season.
BKNG is part of our Conservative Growth Portfolio. The stock looks like a leader in what might be a new Bull Market.
