List the main types of stocks and discuss the important characteristics of each.

Income stocks pay a good and usually steady dividend, but don't have much appreciation. A defensive stock is from a company that makes staples such as food and drugs that are not much affected by downturns or upturns in the economy. A blue chip stock is from a stable, older company with a good track record that pays dividends. A growth stock is from a younger company that is growing rapidly but is relatively unproven; its stock can increase rapidly, but it's also a risky investment. A cyclical stock is issued by a company that makes a product like cars or buildings that are strongly affected by upturns and downturns in the economy. Value stocks are those stocks that are viewed as being priced lower than what they should be based on the company's earnings and financial performance. These stocks have the potential to increase in share price when the market adjusts for the incorrect valuation. These stocks are generally contrasted with growth stocks.

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