NEW YORK, NY / ACCESSWIRE / October 12, 2018 / U.S. equities remained bearish on Thursday as worries over rising interest rate and sell-off in technology shares pressure major markets to lower. The Dow Jones Industrial Average declined 2.13 percent to close at 25,052.83, losing 1,378 points in 2 days. S&P 500 Index decreased 2.06 percent to close at 2,728.37 and the Nasdaq Composite Index closed down 1.25 percent to close at 7,329.06. All major indexes finished below their 200-day moving average.
The market losses are “a reaction from investors finally realizing we are in a higher interest-rate environment, and given the elevated level of stocks, market participants were likely looking for a reason to sell,” said Charlie Ripley, senior investment strategist for Allianz Investment Management. “Higher interest rates typically bring on tighter financial conditions which could dampen growth going forward and equity markets are reacting to that.” He added, “we are witnessing the repercussions in the markets as the Fed takes the punch bowl away from the party.”
RDI Initiates Coverage on:
Amarin Corporation plc
Amarin's stock jumped 11.39% Thursday, to close the day at $19.31. The stock recorded a trading volume of 19,719,740 shares, which was above its three months average volume of 12,603,763 shares. In the last year, Amarin’s shares have traded in a range of 2.35 - 20.50. The share price has gained 721.7% 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 $7.99 is above its 200-day moving average of $4.26. Shares of Amarin have gained roughly 505.33 percent in the past month and are up 381.55 percent year-to-date.
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On Thursday, shares of Immunomedics recorded a trading volume of 2,172,579 shares, which was above the three months average volume of 1,569,467 shares. The stock ended the day 4.3% higher at $20.61. The share price has fallen 24.59% from its 52 week high with a 52 week trading range of 8.68 - 27.33. The company's shares are currently trading below their 200-day moving average. The stock's 50-day moving average of $22.68 is above its 200-day moving average of $21.58. Shares of Immunomedics have fallen roughly 15.53 percent in the past month and are up 27.54 percent year-to-date.
Access RDI's Immunomedics, Inc. Research Report at:
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