NEW YORK, NY / ACCESSWIRE / March 22, 2018 / The Federal Reserve announced it would be raising interest rates by 25 basis points. Shortly after the Fed's announcements, stocks hit the session highs. However, major Indexes closed lower Wednesday, probably as a reaction to the Fed's rate-hike forecast for 2019. The Dow Jones Industrial Average declined 0.18 percent to close at 24,682.31, while the S&P 500 Index also decreased 0.18 percent to close at 2,711.93. The Nasdaq Composite Index fell 0.26 percent to close at 7,345.29.
"The initial reaction in stock was because the median dot plot didn't go up for 2018," said James Athey, senior investment manager at Aberdeen Standard Investments, according to CNBC. "Then there was the more concerned reaction, with investors saying: 'Hold on, there's one more rate hike in for 2019.'"
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DryShips' stock edged 0.48% higher Wednesday, to close the day at $4.16. The stock recorded a trading volume of 1,156,353 shares, which was below its three months average volume of 1,645,841 shares. In the last year, DryShips' shares have traded in a range of 0.98 - 1,862.00. The share price has gained 324.49% from its 52 week low. The company's shares are currently trading above their 200-day moving average. The stock's 50-day moving average of $3.65 is greater than its 200-day moving average of $3.56. Shares of DryShips have gained roughly 17.51 percent in the past month and are up 17.85 percent year-to-date.
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On Wednesday, shares of Transocean recorded a trading volume of 24,577,404 shares, which was above the three months average volume of 14,007,023 shares. The stock ended the day 7.43% higher at 10.41. The share price has gained 44.58% from its 52-week low with a 52-week trading range of 7.20 - 13.04. The company's shares are currently trading above their 200-day moving average. The stock's 50-day moving average of $9.65 is below its 200-day moving average of $10.22. Shares of Transocean have gained roughly 15.54 percent in the past month and are down2.53 percent year-to-date.
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