PAYC - These 2 Wednesday Winners Prove the Value of Diversification
The stock market remained choppy on Wednesday morning, as investors tried to figure out whether they should start to pull back from their enthusiasm from earlier in the summer. Worries about public health weighed on sentiment, even as earnings season continued to deliver solid results from many high-profile companies. As of 11:15 a.m. EDT, the Dow Jones Industrial Average (DJINDICES: ^DJI) was down 243 points to 34,874. The S&P 500 (SNPINDEX: ^GSPC) dropped 14 points to 4,409, while the Nasdaq Composite (NASDAQINDEX: ^IXIC) managed to inch higher by 13 points to 14,774.
Many investors concentrate their portfolios in single sectors of the market. That can work well when times are good for that industry, but when things go poorly, it can be devastating. Today, big moves higher for Paycom Software (NYSE: PAYC) and MGP Growth Properties (NYSE: MGP) showed that a more diversified approach that mixes growth and income investing strategies can be successful.
Paycom Software saw its stock gain ground, jumping almost 10% Wednesday morning following its latest release of financial results . The move helped push Paycom's share price toward the record levels it set last December.
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These 2 Wednesday Winners Prove the Value of Diversification