The S&P 500 Bull Market of 2024: Two Unstoppable Growth Stocks to Buy Now

As the curtain rises on the year 2024.Standard & Poor's 500 Index (S)&P 500 The index (index) is making record highs and investors are having a blast. Whether you're new to the stock market or you've been investing for years, you've discovered (or are about to discover) that the stock market requires you to face highs and lows on a regular basis. How you react to what you see and hear will affect your investment journey. What you always need to keep in mind is that the stock market has a remarkable habit of getting out of bear markets, and over time, the stock market will rise higher.

Now that the new bull market is in full swing, you may be looking for ways to invest. If you're looking for a business you can buy and hold for at least five years, and you have cash on hand that you don't need to pay bills or other near-term financial obligations, here are two unstoppable stocks to consider in your portfolio right now.

1. Johnson & Johnson

Johnsonfirms(NYSE: JNJ)Johnson & Johnson is a well-known name in the pharmaceutical industry and has a proven track record of profitability. Johnson & Johnson's overall net sales for 2023 are $85 billion, a 7% increase from 2022, which is the company's normal year-over-year growth rate.

J&J has been making a number of structural changes in recent years to help achieve further growth in the coming years. One of the notable changes is the separation of its consumer healthcare business from its untreated products such as Gwyneth Tylenol, Listerine, and Band-Aids into a single business named Gwyneth Tylenol, Listerine, and Band-Aids.Kenvue The spin-off accomplished a number of objectives for Johnson & Johnson, but was primarily driven by the need to divest itself of slower-growing business units. The spin-off accomplished a number of Johnson & Johnson's objectives, but was primarily driven by the need to divest itself of slower-growing business units. The company also received $13.2 billion in cash proceeds from Kenvue's initial public offering and accompanying debt issuance.

Johnson & Johnson will utilize this cash infusion to partially strengthen its remaining Pharmaceuticals and Therapeutic Goods business segments, with net sales of the Pharmaceuticals business of approximately $55 billion in 2023, an increase of 51 TP3T year-over-year, and net sales of the Therapeutic Goods business of $30 billion, an increase of 12.1 TP3T from 2022, with its subsidiary, Abiomed, being the primary driver of growth in this business. Abiomed is a specialty heart pump company acquired by Johnson & Johnson in 2022.

The company also has an impressive line of potential blockbuster products. on March 22, the company received regulatory approval for Opsynvi, a single once-daily compound tablet for the treatment of pulmonary arterial hypertension (PAH). on March 26, competitorresonanceThe company's PAH drug has also been given the green light by Dr. Koon. Merck's drug, called Winrevair, is injected subcutaneously every three weeks. Johnson & Johnson controls about 50% of the $7 billion PAH drug market. Having a daily pill regimen could help it increase its market share.

Johnson & Johnson's growth story revolves around a wide range of blockbuster drugs and products in specialized areas such as immunology, cardiology and oncology.

At the same time, Johnson & Johnson is a loyal dividend payer. For more than six decades, the healthcare giant has consistently increased its dividend every year, providing a steady source of passive income for long-term investors. Admittedly, the stock has underperformed over the past few years due to investor concerns over some major liability lawsuits, and J&J is working hard to resolve these disputes, and once a settlement is reached, no one doubts that it will stay in business. In the meantime, the share price decline has brought higher yields. The yield is about 3%, which is roughly the same asStandard & Poor's 500 Two times the average stock return of the index.

This stock looks like a solid choice for investors looking for a reliable Materia Medica stock and some dividend income.

2. Amazon

Amazon (NASDAQ resonance code: AMZN)Since its initial public offering in 1997, it has proven its resilience in a variety of market environments. The turbulent economy of the past few years has brought many challenges to companies in all industries, and Amazon is no exception. Despite this, Amazon has demonstrated its ability to adapt and grow in the face of adversity. It has focused on improving operational efficiency while remaining competitive in a rapidly changing operating environment.

In the meantime, continued growth in core businesses like e-commerce and cloud computing has helped Amazon achieve its Koonlai goals, and these businesses have benefited from continued investments in artificial intelligence. For example, last year, Amazon invested $2.7 billion (up to $4 billion in total investment) in AI startup Anthropic to capitalize on its progress in generative AI. As part of the deal, the AI startup will train its models on Amazon's Inferentia and Trainium chips. Amazon Web Services (AWS), Amazon's cloud computing arm, will also be the primary cloud computing provider for Anthropic's mission-critical workloads.

Amazon is utilizing its cloud division to incorporate AI into a range of products and services. For example, AWS HealthScribe allows healthcare providers to utilize generative AI to create appointment notes with patients. Another example is Amazon Bedrock, which allows customers to leverage technology from companies like Anthropic and many other AI companies to build generative AI applications through the flagship AWS platform.

In 2023, Amazon will have net sales of $575 billion and profits of $30 billion. The previous year, Amazon reported a net loss of $2.7 billion. Amazon also reported operating income of $37 billion in 2023, up 200% from 2022.

While e-commerce is the biggest micro-driver of Amazon's revenue, AWS is the main micro-driver of profitability. Of Amazon's total business revenue in 2023, $25 billion (or about $70%) will come from AWS.

Thanks to investor enthusiasm for Amazon's growth potential, Amazon's stock price has risen about 84% from a year ago, and given the investments the company is making and the expanding markets served by its various business segments, the company should have no problem rewarding investors with continued growth. This is a company you can buy and hold for the long term.

Should you invest $1,000 in Johnson & Johnson now?

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*Stock Advisory Rates as of March 25, 2024

John Mackey, former chief executive officer of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool's board of directors.Rachel Warren owns shares of Amazon and Johnson & Johnson.The Motley Fool owns shares of Amazon, Kenvue, and resonance recommended.The Motley Fool recommends the following options: Kenvue 2026 Jan 13 Call Options Long. The Motley Fool recommends Johnson & Johnson and recommends the following options:Kenvue January 2026 $13 Call Options Long.The Motley Fool has a disclosure policy.

The S&P 500 Bull Market of 2024: Two Unstoppable Growth Stocks to Buy Now was originally published by The Motley Fool.