One important metric to look for in a stock is an 80 or higher Relative Strength Rating. State Street cleared that benchmark Tuesday, with a jump from 80 to 83 Tuesday.
Hone Your Stock-Picking Skills By Focusing On These Factors
IBD's unique rating identifies market leadership with a 1 (worst) to 99 (best) score. The grade shows how a stock's price movement over the trailing 52 weeks stacks up against all the other stocks in our database.
Over 100 years of market history shows that the stocks that go on to make the biggest gains often have an 80 or higher RS Rating in the early stages of their moves.
State Street is trading within a buy zone after breaking past a 93.75 entry in a double bottom. The proper buying range extends to 5% above the initial entry. Once a stock moves above that range, it's best to wait for it to set up another buying opportunity.
State Street showed 21% earnings growth in its most recent report, while sales growth came in at 5%.
The company holds the No. 8 rank among its peers in the Finance-Investment Management industry group. Acadian Asset Management, Sprott and StepStone Group are among the top 5 highly rated stocks within the group.
This article was created automatically with Stats Perform's Wordsmith software using data and article templates supplied by Investor's Business Daily. An IBD journalist may have edited the article.
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