NEW YORK, NY / ACCESSWIRE / December 11, 2018 / Wall Street bounced on Monday as optimism outweighed earlier losses caused by the U.S. - China trade dispute. Analysts expect the Federal Reserve to raise interest rates during their next meeting. The Dow Jones Industrial Average gained 0.14 percent to close at 24,423.26, while the S&P 500 Index increased 0.18 percent to close at 2,637.72. The Nasdaq Composite Index jumped 0.74 percent to close at 7,020.52.
“There won’t be 25% tariffs on Jan. 1, and momentum toward a deal appears to be building, as the jobs report was solid but not too hot, while ISM Manufacturing PMIs were strong, and the Fed is shifting more and more dovish,” said Tom Essaye, the president and editor of the Sevens Report.
The Market Edge Initiates Coverage on:
Axsome Therapeutics, Inc.
Avid Bioservices, Inc.
Axsome Therapeutics' stock jumped 14.92% Monday, to close the day at $3.39. The stock recorded a trading volume of 2,367,972 shares, which was above its three months average volume of 248,085 shares. In the last year, Axsome Therapeutics' shares have traded in a range of 2.05 - 5.95. The share price has gained 65.37% 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 $3.47 is above its 200-day moving average of $3.22. Shares of Axsome Therapeutics have fallen roughly 12.40 percent in the past month and are down 39.46 percent year-to-date.
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On Monday, shares of Avid Bioservices recorded a trading volume of 254,542 shares, which was below the three months average volume of 338,750 shares. The stock ended the day 0.97% higher at $5.20. The share price has fallen 38.39% from its 52 week high with a 52 week trading range of 2.24 - 8.44. The company's shares are currently trading below their 200-day moving average. The stock's 50-day moving average of $5.19 is below its 200-day moving average of $5.28. Shares of Avid Bioservices have gained roughly 3.59 percent in the past month and are up 34.02 percent year-to-date.
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SOURCE: The Market Edge