Stock futures are pointing to further gains after yesterday’s Fed driven rally. In a speech yesterday, the Federal Reserve Chair, Jerome Powell, announced a more flexible strategy for tackling inflation. The plan would keep interest rates lower for longer. We’ll see how investors digest the bullish news as we head into the weekend.
The S&P 500 closed at another record high yesterday and is heading for it’s best August in 34 years. However, not all sectors have fared as well when compared to the overall index. The energy market has taken a hit this month. This week was especially hard on the sector as refineries shut down operations near the gulf coast in anticipation of hurricane Laura’s arrival. Laura made landfall yesterday as a category 4 hurricane but spared refineries. It could be time to look for deals within the sector.
One stock that’s on sale right now is Dominion Energy Inc. (D). Currently D share price is down 4.73% for the year. This could offer a nice entry point for long-term investors looking for a promising energy position.
Dominion recently expanded through acquisition of Central Virginia Solar Project – 62.5 megawatts of solar generating capacity in Orange County, VA. This is a good indication that the company is steadily moving forward with its diversification initiative. This type of progress points toward strong growth over the long-term. Consider buying the dip in Dominion Energy.