For much of the past three months, investors have had their resolve tested like never before. The emergence and spread of the coronavirus disease 2019 (COVID-19) in the U.S. wound up leading to record-breaking volatility for the benchmark S&P 500, and sent the index lower by a whopping 34% in just 33 calendar days
Although we've rebounded quite a bit off of the March lows, the U.S. economy and labor market remain shells of where they were just three months ago, with job losses surpassing 30 million and second-quarter gross domestic product expected to come in at a year-on-year decline of more than 30%, according to many Wall Street estimates.
A close-up view of Ben Franklin on the one hundred dollar bill.
Image source: Getty Images.
And yet, amid this unprecedented disruption lies hope.
You see, even though the S&P 500 has undergone 38 official corrections of at least 10% (not rounded) since the beginning of 1950, each and every one, save for the current downturn, h as been completely erased by a bull market rally. While putting copy into the rearview mirror isn't going to happen overnight, this data conclusively shows that buying stocks during major stock market declines is always a smart move.
What's more, you don't have to have Warren Buffett-type cash at your disposal to get rich by investing in stocks. With most brokerages removing the commissions associated with stock purchases and sales on major U.S. exchanges, the barriers to invest in the market have been torn down. If you have even $100 set aside that you won't need to pay bills or for your emergency fund, here are three top stocks that you can buy to make yourself richer.