NEW YORK, NY / ACCESSWIRE / November 29, 2018 / Wall Street closed up on Wednesday as dovish comments made by Federal Reserve Chairman Jerome Powell boosted investor optimism. According to the Chairman, Jerome Powell, “Interest rates are still low by historical standards, and they remain just below the broad range of estimates of the level that would be neutral for the economy — that is, neither speeding up nor slowing down growth.” The Dow Jones Industrial Average surged 2.5 percent to close at 25,366.43, while the S&P 500 Index jumped 2.3 percent to close at 2,743.79. The Nasdaq Composite Index advanced 2.95 percent higher to close at 7,291.59.
The managing partner for Harris Financial Group, Jamie Cox said, “He calmed the nerves of investors worried about policy overshoot and retained all the flexibility [he] had before he started talking,” he said. “Markets wanted to hear Powell say that there is no preset course of rates, that he is mindful of weaknesses in the global economy, and, most importantly, that tariffs have altered the calculus of the future of the U.S. economy,” Cox said.
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Intercept Pharmaceuticals’ stock jumped 4.97% Wednesday, to close the day at $114.06. The stock recorded a trading volume of 409,630 shares, which was below its three months average volume of 442,846 shares. In the last year, Intercept Pharmaceuticals’ shares have traded in a range of 51.05 - 133.74. The share price has gained 123.43% 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 $101.90 is above its 200-day moving average of $98.03. Shares of Intercept Pharmaceuticals have gained roughly 27.36 percent in the past month and are up 95.24 percent year-to-date.
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On Wednesday, shares of Amicus Therapeutics recorded a trading volume of 2,037,757 shares, which was below the three months average volume of 2,902,092 shares. The stock ended the day 3.87% higher at $10.74. The share price has fallen 39.05% from its 52 week high with a 52 week trading range of 9.84 - 17.62. The company's shares are currently trading below their 200-day moving average. The stock's 50-day moving average of $11.28 is below its 200-day moving average of $13.76. Shares of Amicus Therapeutics have fallen roughly 7.17 percent in the past month and are down 25.36 percent year-to-date.
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SOURCE: The Market Edge