NEW YORK, NY / ACCESSWIRE / January 12, 2017 / U.S. markets rallied sharply Thursday as investor focus has now shifted to the upcoming earnings season. The Dow Jones Industrial Average jumped 0.81 percent to close at 25,574.73, while the S&P 500 Index gained 0.70 percent to close at 2,767.56. The Nasdaq Composite Index spiked 0.81 percent to close at 7,211.78. Major financial companies, BlackRock, J.P. Morgan Chase and Wells Fargo, are on deck to report earnings on Friday. Profits of the S&P 500 are forecasted to increase by 11.8 percent in the fourth quarter, up from an 8 percent rise a year ago, according to Thomson Reuters I/B/E/S.
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Cleveland-Cliffs stock jumped 9.44% Thursday, to close the day at $8.81. The stock recorded a trading volume of 25,528,952 shares, which was above its three months average volume of 11,459,833 shares. In the last year, Cleveland-Cliffs shares have traded in a range of 5.56 - 12.37. The share price has gained 58.45% 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 $6.97 is below its 200-day moving average of $7.10. Shares of the company are trading at a Price to Earnings ratio of 18.09. Shares of Cleveland-Cliffs have gained roughly 36.59 percent in the past month and are up 22.19 percent year-to-date.
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On Thursday, shares of Freeport-McMoRan, Inc. recorded a trading volume of 21,236,095 shares, which was above the three months average volume of 17,669,141 shares. The stock ended the day 1.90% higher at 19.88. The share price has gained 79.91% from its 52 week low with a 52 week trading range of 11.05 - 19.99.The company's shares are currently trading above their 200-day moving average. The stock's 50-day moving average of $16.76 is greater than its 200-day moving average of $14.73. Shares of the company are trading at a Price to Earnings ratio of 26.90. Shares of Freeport-McMoRan have gained roughly 32.36 percent in the past month and are up 4.85 percent year-to-date.
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