NEW YORK, NY / ACCESSWIRE / December 19, 2018 / U.S. markets finished modestly higher on a very volatile trading day on Tuesday. The volatility was probably due to the market’s anxiety over the uncertainty in U.S.-China trade relation, growing fears of a government shutdown, a slide in oil prices and fears of the Federal Reserve’s tightening of monetary policy. The Dow Jones Industrial Average gained 0.35 percent to close at 23,675.64, while the S&P 500 Index increased 0.01 percent to close at 2,546.16. The Nasdaq Composite Index climbed 0.45 percent to close at 6,783.91.
The Chief Investment Strategist of Key Private Bank, Bruce McCain said, "I think it's anxiety about slowing economic growth and [traders] want assurance that someone's going to do something."
"Clearly, it's a time of uncertainly both here and overseas, but given the strength of the economy, it's going to take some time until the economic backdrop supports a bear market. It's about managing your anxiety and waiting long enough to find out that, hopefully, the news isn't so bad," he added.
The Market Edge Initiates Coverage on:
Lam Research Corporation
Applied Materials, Inc.
Lam Research’s stock moved 1.66% higher Tuesday, to close the day at $137.93. The stock recorded a trading volume of 2,500,057 shares, which was below its three months average volume of 3,085,117 shares. In the last year, Lam Research’s shares have traded in a range of 133.42 - 234.88. The share price has gained 3.38% 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 $151.12 is below its 200-day moving average of $176.87. Shares of the company are trading at a Price to Earnings ratio of 10.45. Shares of Lam Research have fallen roughly 6.8 percent in the past month and are down 25.07 percent year-to-date.
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On Tuesday, shares of Applied Materials recorded a trading volume of 13,636,650 shares, which was above the three months average volume of 12,820,090 shares. The stock ended the day 1.87% higher at $33.28. The share price has fallen 46.67% from its 52 week high with a 52 week trading range of 30.53 - 62.40. The company's shares are currently trading below their 200-day moving average. The stock's 50-day moving average of $34.74 is below its 200-day moving average of $41.28. Shares of the company are trading at a Price to Earnings ratio of 10.30. Shares of Applied Materials have fallen roughly 5.99 percent in the past month and are down 34.9 percent year-to-date.
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SOURCE: The Market Edge