NEW YORK, NY / ACCESSWIRE / November 13, 2017 / U.S. markets slumped this week, breaking the Dow's streak of 8 consecutive weekly gains, on concerns of a delay in the rollout of President Trump's much-anticipated tax reform plan. The Dow Jones Industrial Average declined 0.17 percent to close at 23,422.21, down 0.49 percent for the week, while the S&P 500 Index dropped 0.09 percent to close at 2,582.30, down 0.21 percent for the week. The Nasdaq Composite Index gained 0.01 percent to close at 6,750.94, down 0.21 percent for the week.
"Markets have had a direct correlation to the tax plan, and have been falling on signs that progress is slowing down, and the idea that corporate taxes will be cut later than we had been expecting," said Richard Sichel, chief investment officer at Philadelphia Trust Co., according to MarketWatch.
"If we see some progress, investors will start feeling better. Everyone is keyed in on this and the market is looking for it, although we just had a nice earnings season, and while this isn't a cheap market, it isn't frothy either. People can find different assets that look attractive from a long-term perspective."
RDI Initiates Coverage on:
Marathon Oil Corporation
Pengrowth Energy Corporation
Marathon Oil Corporation's stock moved 1.01% lower Friday, to close the day at $15.62. The stock recorded a trading volume of 11,447,588 shares, which was below its three months average volume of 12,565,918 shares. In the last year, Marathon Oil Corporation's shares have traded in a range of 10.55 - 19.28. The share price has gained 48.06% 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 $14.16 is greater than its 200-day moving average of $12.88. Shares of Marathon Oil Corporation have gained roughly 14.68 percent in the past month and are down 9.76 percent year-to-date.
Access RDI's Marathon Oil Corporation Research Report at:
On Friday, shares in Pengrowth Energy Corporation recorded a trading volume of 1,597,448 shares, which was above the three months average volume of 851,623 shares. The stock ended the day 11.30% lower at 1.02. The share price has gained 88.89% from its 52-week low with a 52-week trading range of 0.54 - 1.76.The company's shares are currently trading above their 200-day moving average. The stock's 50-day moving average of $1.06 is greater than its 200-day moving average of $0.84. Shares of Pengrowth Energy Corporation have fallen roughly 1.92 percent in the past month and are down 28.17 percent year-to-date.
Access RDI's Pengrowth Energy Corporation Research Report at:
Research Driven Investing
We are committed to providing relevant and actionable information for the self-directed investor. Our research is reputed for being a leader in trusted, in-depth analysis vital for informed strategic trading decisions. The nimble investor can leverage our analysis and collective expertise to execute a disciplined approach to stock selection.
RDInvesting has not been compensated; directly or indirectly; for producing or publishing this document.
Disclaimer: This article is written by an independent contributor of RDInvesting.com and Nadia Noorani, a CFA® charter holder, has provided necessary guidance in preparing the document templates. RDInvesting.com is neither a registered broker-dealer nor a registered investment advisor. For more information please read our full disclaimer at www.rdinvesting.com/disclaimer.
For any questions, inquiries, or comments reach out to us directly at:
Research Driven Investing, Unit #901 511 Avenue of the Americas, New York, NY, 10011
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.