NEW YORK, NY / ACCESSWIRE / December 12, 2018 / U.S. equities finished lower on Tuesday after bouncing between the red and green territory. The stocks gained more than 1% across the board on improving U.S.-China trade relations. Bloomberg news reported that China plans on cutting down tariffs on cars made in U.S., from the current 40% to 15%. However, stocks started moving in the opposite direction on the news of a contentious fight between President Donald Trump and Democratic leadership over border security. President Trump’s threat to shut down the government weighed on the markets. The Dow Jones Industrial Average dropped 0.22 percent to close at 24,370.24, while the S&P 500 Index decreased 0.04 percent to close at 2,636.78. The Nasdaq Composite Index gained 0.16 percent to close at 7,031.83.
According to the Chief Market Strategist of Prudential Financial, Quincy Crosby, "It is important for the market to get positive headlines at this time. The algorithms work instantaneously and if we get someone with an opposing view we could turn around."
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58.com's stock jumped 5.33% Tuesday, to close the day at $61.07. The stock recorded a trading volume of 1,005,684 shares, which was below its three months average volume of 1,081,739 shares. In the last year, 58.com's shares have traded in a range of 52.14 - 89.90. The share price has gained 17.13% 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 $60.84 is below its 200-day moving average of $68.39. Shares of the company are trading at a Price to Earnings ratio of 30.08. Shares of 58.com have gained roughly 0.94 percent in the past month and are down 14.67 percent year-to-date.
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On Tuesday, shares of Autohome recorded a trading volume of 983,195 shares, which was below the three months average volume of 1,048,757 shares. The stock ended the day 5.36% higher at $92.97. The share price has fallen 22.2% from its 52 week high with a 52 week trading range of 56.88 - 119.50. The company's shares are currently trading above their 200-day moving average. The stock's 50-day moving average of $75.76 is below its 200-day moving average of $87.16. Shares of the company are trading at a Price to Earnings ratio of 28.19. Shares of Autohome have gained roughly 35.41 percent in the past month and are up 43.76 percent year-to-date.
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SOURCE: The Market Edge