There Is No Better Time To Buy These Stocks Than Now

Even though the stock market has had a rough year so far, there are several stocks that have already reached all-time highs in the midst of the bear market.

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There has been some success by the stock market in trying to climb back into the green after a dismal year in 2022. As of Wednesday's close, while the Dow Jones Industrial Average is up around 1% so far in 2023 as of Wednesday's close, the S&P 500 is down around 4% so far. Since January 1, the Dow Jones Industrial Average has lost around 4% so far this year.

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Investors are now awaiting Friday's jobs report after Federal Reserve Chairman Jerome Powell warned on Tuesday that interest rates are likely to rise more rapidly than expected. This report serves as a strong argument for the Fed to continue raising interest rates in the near future.

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Despite concerns over inflation and how far the central bank will go when it comes to raising interest rates, some names have managed to shrug off those fears and do their own thing in spite of the market concerns. As the rest of the market stagnates this year, we have compiled a list of the S&P 500 stocks that have risen to all-time highs this year. In addition to this, many of them are in the industrial sector, which is benefiting from a global economic recovery and pricing power as well.

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Since Progressive's initial public offering in 1971, Progressive shares have traded at all-time highs throughout the trading day on Monday. Currently, it is about 2% off of the high of $146.50 that it reached a month ago.

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An investor meeting held by the insurance giant on March 1 was largely focused on its strategy to offer competitive prices.

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“In our opinion, the major increase in Personal Auto rates is likely behind us. The company continued to raise its Personal Auto rates in the fourth quarter, but at a slower pace than in late 2021 and early 2022,” said CEO Tricia Griffith in a transcript of the call.

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During the discussion, Progressive discussed its approach to telematics devices that monitor the driving habits of its clients and may be able to reduce their insurance premiums as a result.

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There has been an increase of about 11% in shares so far this year.

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The stock of W.W. Grainger traded at all-time high levels on Monday, its highest level since 1967 when it began trading. Based on facts provided by FactSet, the move occurred after the industrial supply company posted adjusted earnings of $7.14 per diluted share in the fourth quarter, which surpassed the $7.01 per share expected by analysts.

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Currently, the shares are down 1% from their high, but they have increased by about 25% year to date.

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Eaton, a power management company, hit all-time highs on Monday, exceeding the initial public offering price it set in July 1923, when it went public. To mark the 100th anniversary of the stock's listing on the New York Stock Exchange, the company's CEO Craig Arnold rang the opening bell to celebrate the 100th anniversary of the stock's listing on the exchange the following day.

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As Arnold explained to Trade Algo after the meeting, Eaton will be able to benefit from both the Inflation Reduction Act and the Infrastructure Investment and Jobs Act.

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“As we move forward, I believe that we will be able to take advantage of some of the most significant secular growth trends that I think we will see in our lifetimes: the transformation of the energy sector, digitization of the economy, electrification, etc. [And] a lot of government stimulus spending on top of that, which would further accelerate our growth,” he said on Tuesday.