Written by Puja Tayal at The Motley Fool Canada
After two years of stock market bearishness driven by the rising interest rate, there are hopes of a recovery next year. The Bank of Canada paused interest rate hikes, giving some relief to businesses and consumers. The TSX Composite Index seems to have bottomed out in October and has started on a recovery rally as the U.S. Fed paused interest rate hike and signalled a 75 basis point rate cut next year. But analysts believe investors are too optimistic and pricing a 1.5% rate cut.
Two spectacular growth stocks to buy and hold
If analysts’ comments hold, a correction could come in February or March. But it won’t stop a bull market from coming later in 2024. Now is a good time to jump into the recovery rally of some spectacular growth stocks stuck in short-term headwinds.
Magna stock
The first growth stock on my list is automotive component maker Magna…
