Looking for some deals in the stock market? If you've got $5,000 that you are looking to invest in some established growth stocks, there are some bargains worth considering. Three cheap stocks backed by promising businesses that would make for solid long-term investments right now are Alibaba Group (NYSE: BABA), United Parcel Service (NYSE: UPS), and AstraZeneca (NASDAQ: AZN).

Chinese stocks have been undervalued for several years due in part to ongoing tensions between China and the U.S. But China is an attractive market to invest in. In the last quarter of 2023, the Chinese economy grew at a rate of 5.2%, compared with 3.3% for the U.S.

Growth in both economies could slow down this year, but the difference is that while many U.S. growth stocks are overpriced due to better-than-expected economic growth, Alibaba remains discounted. Investors can get the e-commerce giant for an incredibly cheap valuation of less than 8 times its expected future profits. By comparison, the S 500 averages a forward price-to-earnings multiple of 22.

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Source Fool.com