NEW YORK, NY / ACCESSWIRE / September 21, 2017 / U.S. markets closed at another record high on Wednesday as bank stocks surged after the Federal Reserve announcement kept the possibility of a December interest rate hike open and announced it would begin unwinding its $4.5 trillion balance sheet in October. The Dow Jones Industrial Average gained 0.19 percent to close at 22,412.59, while the S&P 500 Index increased 0.06 percent to close at 2,508.24. The Financial Select Sector SPDR Fund (XLF) spiked 0.59 percent on Wednesday.
"Even before the Dow turned positive the XLF was even higher on the back of the dot plot, suggesting that 12 out of the 16 [voting Fed members] saw a rate hike in December," said Quincy Krobsy, Chief Market Strategist at Prudential Financial.
"This is a market knee-jerk reaction. There's a lot of data releases between now and December, and the fed will be monitoring. Remember, the Fed wants to see fiscal policy move and transition from monetary to fiscal," said Krosby.
RDI Initiates Coverage on:
DelMar Pharmaceuticals Inc.
Ionis Pharmaceuticals Inc.
DelMar Pharmaceuticals Inc.'s stock moved 4.41% lower Wednesday, to close the day at $1.07. The stock recorded a trading volume of 31,483,011 shares, which was above its three months average volume of 148,183 shares. In the last year, DelMar Pharmaceuticals Inc.'s shares have traded in a range of 0.95 - 6.82. The stock is currently trading 84.30% below its 52 week high. The company's shares are currently trading below their 200-day moving average. Moreover, the stock's 50-day moving average of $1.42 is below its 200-day moving average of $2.45. Shares of DelMar Pharmaceuticals have gained approximately 9.18 percent year-to-date.
Access RDI's DelMar Pharmaceuticals Inc. Research Report at:
On Wednesday, shares of Ionis Pharmaceuticals Inc. recorded a trading volume of 4,256,306 shares, which was above the three months average volume of 1,159,200 shares. The stock ended the day 8.79% lower at 53.88. The share price has gained 119.20% from its 52-week low with a 52-week trading range of 24.58 - 60.01.The company's shares are currently trading above their 200-day moving average. Moreover, the stock's 50-day moving average of $51.73 is greater than its 200-day moving average of $48.15. Shares of Ionis Pharmaceuticals Inc. are trading at a Price to Earnings ratio of 259.04. Shares of Ionis Pharmaceuticals have gained approximately 12.65 percent year-to-date.
Access RDI's Ionis Pharmaceuticals Inc. Research Report at:
Research Driven Investing
We are committed to providing relevant and actionable information for the self-directed investor. Our research is reputed for being a leader in trusted, in-depth analysis vital for informed strategic trading decisions. The nimble investor can leverage our analysis and collective expertise to execute a disciplined approach to stock selection.
RDInvesting has not been compensated; directly or indirectly; for producing or publishing this document.
Disclaimer: This article is written by an independent contributor of RDInvesting.com and Nadia Noorani, a CFA® charter holder, has provided necessary guidance in preparing the document templates. RDInvesting.com is neither a registered broker-dealer nor a registered investment advisor. For more information please read our full disclaimer at www.rdinvesting.com/disclaimer.
For any questions, inquiries, or comments reach out to us directly at:
Research Driven Investing, Unit #901 511 Avenue of the Americas, New York, NY, 10011
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.