NEW YORK, NY / ACCESSWIRE / October 1, 2018 /Major U.S. markets finished flat on Friday. For the third quarter, the S&P 500 Index jumped over 7 percent, its best quarter since 2013, while the Dow Jones spiked over 9 percent. The Nasdaq posted a gain of over 7 percent. The Dow Jones Industrial Average gained 0.07 percent to close at 26,458.31, while the S&P 500 Index closed flat at 2,913.98. The Nasdaq Composite Index climbed 0.05 percent to close at 8,046.35.
According to Ryan Detrick, senior market strategist at LPL Financial, “October is probably one of the more misunderstood months.”
“It is best known for some spectacular crashes, like 1929, 1987 and 2008 — but the reality is it isn’t that bad overall, it is more an extremely volatile month. August and September historically can be weak, and this opens the door for the seasonally bullish fourth quarter, kicking off with October,” he added.
RDI Initiates Coverage on:
Momenta Pharmaceuticals, Inc.
Arena Pharmaceuticals, Inc.
Momenta Pharmaceuticals' stock jumped 7.13% Friday, to close the day at $26.30. The stock recorded a trading volume of 677,153 shares, which was above its three months average volume of 454,611 shares. In the last year, Momenta Pharmaceuticals' shares have traded in a range of 11.85 - 32.20. The share price has gained 121.94% 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 $26.76 is above its 200-day moving average of $23.68. Shares of Momenta Pharmaceuticals have fallen roughly 0.75 percent in the past month and are up 88.53 percent year-to-date.
Access RDI's Momenta Pharmaceuticals, Inc. Research Report at:
On Friday, shares of Arena Pharmaceuticals recorded a trading volume of 514,810 shares, which was above the three months average volume of 498,722 shares. The stock ended the day 6.23% higher at $46.02. The share price has fallen 8.05% from its 52 week high with a 52 week trading range of 24.33 - 50.05. The company's shares are currently trading above their 200-day moving average. The stock's 50-day moving average of $39.71 is below its 200-day moving average of $41.46. Shares of Arena Pharmaceuticals have gained roughly 18.49 percent in the past month and are up 35.47 percent year-to-date.
Access RDI's Arena Pharmaceuticals, Inc. Research Report at:
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