The stock market moved higher on Tuesday, as Treasury Secretary Janet Yellen reassured investors that the government could safeguard against further banking crises.
Overall, S&P 500 increased 1.3% to 4,003, while NASDAQ grew 1.6% to 11,860.
Tweet of the Day
• This analysis is amazingly accurate. Made in 1875 by Samuel Benner shows periods of panic, good time to sell assets and good times to buy.
• If you look at the top row it actually predicted great depression, WW2, dot com bubble and the COVID crash which we recently went… pic.twitter.com/n3izwtxCQ2— ProblemSniper (@ProblemSniper) March 21, 2023
Chart of the Day
Here is the one-year chart of Broadcom (AVGO) as of March 7, 2023, when the stock was at $625.
Broadcom is a semiconductor and software company that designs thousands of products for home connectivity, cloud data centers, and enterprise businesses.
The company is witnessing urgency and excitement for its generative AI-based products. In last quarter’s earnings call, management said infrastructure spending was up particularly in service providers. A growing portion of Broadcom’s switches are being deployed within AI networks. AI requires rows and rows of servers with next generation switching and routing hardware. It is causing demand for Ethernet switching that can operate in data-intensive workloads.
AVGO is a top holding in the Growth Portfolio. It is one of David Sharek’s favorite stocks.
