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These 2 Penny Stocks Could See Outsized Gains, Says Oppenheimer

Lines drawn in the sand in Washington D.C. are holding the next stimulus package hostage, but what does this mean for Wall Street? Despite the stalemate on Capitol Hill, the S&P 500 has rallied 9.5% from a recent low on September 23 on the back of strong economic data.Against this backdrop, investors and economists are starting to wonder if the better-than-expected recent economic data suggests that earlier stimulus packages will be enough to support the economy as we move towards a post-COVID world.Oppenheimer’s Chief Investment Strategist John Stoltzfus points out that “for all the elevation of uncertainty that has come to pass since the start of September,” the U.S. and international markets have been “on the mend and even rallying much to the consternation of bears, skeptics, the perennially nervous and even some denizens of the DC Beltway.” What’s more, as stocks have moved higher, so has the 10-year bond yield.So, what has worked “magic” on the markets? Stoltzfus highlights a “mixed bag of factors” including Q3 earnings season which kicks off this week with the big banks, economic data that has countered recent economic slowing, interest rates that remain near historical lows, as well as “a sense that the outcome of the election will not likely result in an extended period of uncertainty.” Stoltzfus also believes the markets view COVID-19 as more of a detour from “the broader forces at work propelling stocks in the U.S. equity market.”With this in mind, Oppenheimer analysts have locked in on what they argue are exciting opportunities. These are names that won’t break the bank, and boast colossal growth prospects for the twelve months ahead, namely penny stocks.These tickers going for less than $5 apiece are tricky, so some due diligence is necessary. Using TipRank’s

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