NEW YORK, NY / ACCESSWIRE / September 25, 2018 / U.S. markets closed lower Monday as trade tensions heated up. The Trump administration imposed a tariff of 10 percent on over $200 billion, which could increase to 25 percent if the two countries are unable to settle, according to L. Thomas Block, Washington policy strategist at Fundstrat Global Advisors. The Dow Jones Industrial Average dropped 0.68 percent to close at 26,562.05, while the S&P 500 Index declined 0.35 percent to close at 2,919.37. The Nasdaq Composite Index rose 0.08 percent to close at 7,993.25.
“You’d expect a bit of a pullback after hitting records, and there’s also a broader question of where do we go from here, economically? There’s a fear that tariffs could bring the economy down, and it is a near-certainty that the Fed will raise rates this week. That raises the question of how much longer the recovery will last, and how much earnings will grow from here,” said chief investment strategist at Key Private Bank, Bruce McCain.
RDI Initiates Coverage on:
California Resources Corporation
Chesapeake Energy Corporation
California Resources' stock jumped 17.63% Monday, to close the day at $46.58. The stock recorded a trading volume of 6,224,241 shares, which was above its three months average volume of 1,770,038 shares. In the last year, California Resources' shares have traded in a range of 8.84 - 48.85. The share price has gained 426.92% 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 $36.08 is above its 200-day moving average of $32.34. Shares of California Resources have gained roughly 30.18 percent in the past month and are up 139.61 percent year-to-date.
Access RDI's California Resources Corporation Research Report at:
On Monday, shares of Chesapeake Energy recorded a trading volume of 29,771,473 shares, which was above the three months average volume of 28,004,758 shares. The stock ended the day 5.18% higher at $4.67. The share price has fallen 16.61% from its 52 week high with a 52 week trading range of 2.53 - 5.60. The company's shares are currently trading above their 200-day moving average. The stock's 50-day moving average of $4.38 is above its 200-day moving average of $4.07. Shares of Chesapeake Energy have gained roughly 2.19 percent in the past month and are up 9.11 percent year-to-date.
Access RDI's Chesapeake Energy Corporation Research Report at:
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