2023-07-05 13:43:19 ET
Investors were somewhat nervous coming back from the Independence Day holiday, as major market indexes gave up a bit of ground on Wednesday at midday. Wall Street has enjoyed strong upward momentum throughout much of 2023, but some market participants seem increasingly concerned that stock prices have gotten ahead of themselves.
Yet even that hesitation didn't hold shareholders back from sending a couple of stocks to new all-time record highs. Palo Alto Networks (NASDAQ: PANW) has benefited greatly from digital transformation efforts across the corporate world, as the need for cybersecurity services has grown substantially. Elsewhere, AutoNation (NYSE: AN) has also been in the right place at the right time, taking advantage of spiking used car prices. Below, you'll learn more about what sent these two stocks to record levels and whether there's more room to push higher from here.
Shares of Palo Alto Networks were up about half a percent on Wednesday, but that was enough to send the cybersecurity specialist to a new record level. Indeed, the stock has nearly doubled just since the beginning of 2023, and it's riding a huge wave of upward momentum based on excitement concerning artificial intelligence (AI).
For further details see:
2 Stocks at All-Time Highs With the Wind at Their Backs