NEW YORK, NY / ACCESSWIRE / February 15, 2018 / U.S. markets rallied sharply from early losses Wednesday as inflation fears appear to be easing on Wall Street. The Dow Jones Industrial Average jumped 1.03 percent to close at 24,893.49, for its fourth consecutive daily gain, while the S&P 500 Index spiked 1.34 percent to close at 2,698.63. The Nasdaq Composite Index surged 1.86 percent to close at 7,143.62.
"Anything with inflation seems like a hot button nowadays, but it is a bit of a red herring here: higher inflation and higher rates are symptoms of economic health. And while inflation is rising it's still below trend," said Karyn Cavanaugh, senior market strategist at Voya Financial, according to MarketWatch.
"At this point it's not inflation but reflation and the Fed will not pull the trigger that fast," said Cavanaugh.
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Facebook's stock moved 3.68% higher Wednesday, to close the day at $179.52. The stock recorded a trading volume of 28,926,051 shares, which was above its three months average volume of 21,148,158 shares. In the last year, Facebook's shares have traded in a range of 132.66 - 195.32. The share price has gained 35.32% 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 $182.93 is greater than its 200-day moving average of $176.04. Shares of Facebook are trading at a Price to Earnings ratio of 34.78. Shares of Facebook have gained roughly 0.08 percent in the past month and are up 1.73 percent year-to-date.
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On Wednesday, shares of Twitter recorded a trading volume of 39,334,414 shares, which was above the three months average volume of 25,810,370 shares. The stock ended the day 0.93% higher at 33.75. The share price has gained 139.02% from its 52 week low with a 52 week trading range of 14.12 - 35.00. The company's shares are currently trading above their 200-day moving average. The stock's 50-day moving average of $25.34 is greater than its 200-day moving average of $20.43. Shares of Twitter have gained roughly 32.82 percent in the past month and are up 40.57 percent year-to-date.
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