NEW YORK, NY / ACCESSWIRE / January 10, 2019 / U.S. markets rose for the fourth consecutive session on Wednesday as minutes released from the Federal Reserve's meeting in December showed the Fed would be “patient” when it came to interest rate hikes. The Dow Jones Industrial Average gained 0.39 percent to close at 23,879.12, while the S&P 500 Index rose 0.41 percent to settle at 2,584.96. The Nasdaq Composite Index surged 0.87 percent to close at 6,957.08.
"All the minutes are doing is confirming what they had already hinted at," said Larry McDonald, editor of The Bear Traps Report. "The Fed speak before the minutes was like a fire hose to calm down the markets."
The Market Edge Initiates Coverage on:
Alibaba Group Holding Ltd.
Alibaba’s stock jumped 3.49% Wednesday, to close the day at $151.92. The stock recorded a trading volume of 20,214,074 shares, which was below its three months average volume of 20,987,306 shares. In the last year, Alibaba’s shares have traded in a range of 129.77 - 211.70. The share price has gained 17.07% from its 52 week low. The company's shares are currently trading below their 200-day moving average. The stock's 50-day moving average of $147.12 is below its 200-day moving average of $162.52. Shares of the company are trading at a Price to Earnings ratio of 43.44. Shares of Alibaba have dropped roughly 0.74 percent in the past month and are up 10.83 percent year-to-date.
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On Wednesday, shares of Pinduoduo recorded a trading volume of 7,322,212 shares, which was above the three months average volume of 5,360,383 shares. The stock ended the day 6.42% higher at $25.54. The share price has fallen 16.21% from its 52 week high with a 52 week trading range of 16.53 - 30.48. The company's shares are currently trading above their 200-day moving average. The stock's 50-day moving average of $22.31 is above its 200-day moving average of $21.35. Shares of Pinduoduo have gained roughly 23.92 percent in the past month and are up 13.81 percent year-to-date.
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