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."
The Market Edge Initiates Coverage on:
Michael Kors Holdings Ltd.
DSW's stock jumped 8.13% Tuesday, to close the day at $25.01. The stock recorded a trading volume of 11,374,417 shares, which was above its three months average volume of 1,746,451 shares. In the last year, DSW's shares have traded in a range of 18.01 - 34.63. The share price has gained 38.87% 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 $26.62 is below its 200-day moving average of $27.94. Shares of the company are trading at a Price to Earnings ratio of 2273.64. Shares of DSW have fallen roughly 8.76 percent in the past month and are up 16.81 percent year-to-date.
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On Tuesday, shares of Michael Kors Holdings recorded a trading volume of 5,285,326 shares, which was above the three months average volume of 3,000,714 shares. The stock ended the day 2.98% lower at $38.45. The share price has fallen 49.38% from its 52 week high with a 52 week trading range of 38.10 - 75.96. The company's shares are currently trading below their 200-day moving average. The stock's 50-day moving average of $49.21 is below its 200-day moving average of $63.31. Shares of the company are trading at a Price to Earnings ratio of 10.03. Shares of Michael Kors Holdings have fallen roughly 19.53 percent in the past month and are down 38.92 percent year-to-date.
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SOURCE: The Market Edge