Wall Street has been reeling under volatility since mid-June, following the second wave of coronavirus in more than 20 U.S. states. New cases of COVID-19 jumped as all 50 states started reopening after nearly two months of lockdowns. The resurgence of the deadly virus has raised several questions about the much-hyped, V-shaped recovery of the U.S. economy.
Despite the resurgence of coronavirus, several business service stocks have skyrocketed in the past three months. A handful of them carries a favorable Zacks Rank.
Sector Looks Promising
The business services sector comprises consulting, staffing, financial tractions, outsourcing, advertising, waste removal, building maintenance, technology services and auction/valuation services industries. This sector benefited from a higher demand for expertise to improve operational efficiency and reduce costs.
U.S.states eased restrictions and started to open up their economies in the last week of May. This favored the sector following nearly two months of lockdowns. Although, some