NEW YORK, NY / ACCESSWIRE / December 20, 2018 /U.S. equities closed down on Wednesday as the anticipated interest rate increase was confirmed by the Federal Reserve, following Chairman Jerome Powell’s speech. The Fed said it will raise interest rates by a quarter percentage, from 2.25 percent to 2.5 percent. The Dow Jones Industrial Average fell 1.49 percent to close at 23,323.66, while the S&P 500 Index decreased 1.54 percent to close at 2,506.96. The Nasdaq Composite Index slumped 2.17 percent to close at 6,636.83.
According to the Vice President of State Street Global Advisors Matthew John Bartolini, “The Fed is talking out of two sides of its mouth, and that just creates more uncertainty.”
“It’s telling the market it thinks growth will slow in the future while raising its forecast for unemployment in 2020, signaling they think there will be economic turmoil just 18 months from now,” Bartolini added.
The Market Edge Initiates Coverage on:
Spectrum Pharmaceuticals, Inc.
Spectrum Pharmaceuticals' stock moved 1.51% lower Wednesday, to close the day at $10.44. The stock recorded a trading volume of 1,782,191 shares, which was above its three months average volume of 1,392,959 shares. In the last year, Spectrum Pharmaceuticals' shares have traded in a range of 10.31 - 25.29. The share price has gained 1.26% 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 $12.83 is below its 200-day moving average of $18.09. Shares of Spectrum Pharmaceuticals have fallen roughly 20.18 percent in the past month and are down 44.91 percent year-to-date.
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On Wednesday, shares of MannKind recorded a trading volume of 1,977,241 shares, which was below the three months average volume of 2,212,398 shares. The stock ended the day 1.81% higher at $1.69. The share price has fallen 58.27% from its 52 week high with a 52 week trading range of 0.98 - 4.05. The company's shares are currently trading at their 200-day moving average. The stock's 50-day moving average of $1.77 is above its 200-day moving average of $1.69. Shares of MannKind have fallen roughly 2.31 percent in the past month and are down 27.16 percent year-to-date.
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