NEW YORK, NY / ACCESSWIRE / October 18, 2018 / Major U.S. equities finished moderately lower on Wednesday with the Dow Jones dropping over 300 points after minutes from the Federal Reserve September’s meeting showed that central bank remains convinced it needs to tighten monetary policy. But the market closed well off its lows as investors grappled with a flood of corporate earnings. The Dow Jones Industrial Average shed 0.36 percent to close at 25,706.68, while the S&P 500 Index decreased 0.03 percent to close at 2,809.21. The Nasdaq Composite Index declined 0.04 percent to close at 7,642.70.
According to Lindsey Bell investment strategist with CFRA, “The market is interpreting the Fed minutes as slightly hawkish.” For a moment, market participants didn’t believe the Fed was serious about increasing rates four times in 2018 and thrice in 2019, she said. However that changed after hawkish comments from Fed Chairman Powell earlier October. “The FOMC minutes are another reminder that the Fed is serious, and isn’t going to let President Trump bully them” to a more dovish outlook, said Bell.
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YY's stock moved 12.11% lower Wednesday, to close the day at $60.54. The stock recorded a trading volume of 3,771,165 shares, which was above its three months average volume of 1,389,844 shares. In the last year, YY's shares have traded in a range of 60.25 - 142.97. The share price has gained 0.48% 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 $72.91 is below its 200-day moving average of $92.28. Shares of the company are trading at a Price to Earnings ratio of 14.86. Shares of YY have fallen roughly 13.7 percent in the past month and are down 46.45 percent year-to-date.
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On Wednesday, shares of Momo recorded a trading volume of 7,142,131 shares, which was above the three months average volume of 4,347,146 shares. The stock ended the day 8.22% lower at $34.50. The share price has fallen 36.39% from its 52 week high with a 52 week trading range of 22.49 - 54.24. The company's shares are currently trading below their 200-day moving average. The stock's 50-day moving average of $43.37 is above its 200-day moving average of $42.30. Shares of the company are trading at a Price to Earnings ratio of 16.91. Shares of Momo have fallen roughly 25.02 percent in the past month and are up 40.93 percent year-to-date.
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