NEW YORK, NY / ACCESSWIRE / September 27, 2018 / U.S. markets fell sharply Wednesday after the Federal Reserve raised interest rates and indicated another increase would be coming in December. The Dow Jones Industrial Average dropped 0.4 percent to close at 26,385.28, while the S&P 500 Index declined 0.33 percent to close at 2,905.97. The Nasdaq Composite Index decreased 0.21 percent to close at 7,990.37.
“It was virtually a foregone conclusion, and that may cause some investors to scratch their heads a bit given all the uncertainty in the market, with trade barbs flying, an unstable housing market, and ballooning federal debt,” according to Mike Loewengart, vice president of investment strategy at E-Trade Financial Corp. “But the Fed needs to build up its toolbox to address a variety of economic conditions, which makes getting back to a normalized rate environment so important. They will drive towards that end state until the economic landscape is dramatically different,” Loewengart added.
RDI Initiates Coverage on:
Onconova Therapeutics, Inc.
Cellectar Biosciences, Inc.
Onconova Therapeutics' stock moved 2.99% lower Wednesday, to close the day at $7.73. The stock recorded a trading volume of 2,548,221 shares, which was above its three months average volume of 894,942 shares. Traders were probably disappointed with the reverse stock split news. Onconova announced a one-for-fifteen reverse stock split of its common stock, effective September 25, 2018. Beginning on September 26, 2018, Onconova’s common stock are trading on the Nasdaq Capital Market on a split-adjusted basis. The share price at the close on Sep 25 was $0.53. After the reverse split took effect, the stock opened at $7.77 on Sep 26.
Access RDI's Onconova Therapeutics, Inc. Research Report at:
On Wednesday, shares of Cellectar Biosciences recorded a trading volume of 1,353,213 shares, which was above the three months average volume of 229,610 shares. The stock ended the day 24.54% higher at $3.35. The share price has fallen 83.58% from its 52 week high with a 52 week trading range of 2.03 - 20.40. The company's shares are currently trading below their 200-day moving average. The stock's 50-day moving average of $2.70 is below its 200-day moving average of $7.65. Shares of Cellectar Biosciences have gained roughly 20.5 percent in the past month and are down 75.55 percent year-to-date.
Access RDI's Cellectar Biosciences, Inc. Research Report at:
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