NEW YORK, NY / ACCESSWIRE / December 20, 2018 /U.S. equities closed down on Wednesday as the anticipated interest rate increase was confirmed by the Federal Reserve, following Chairman Jerome Powell’s speech. The Fed said it will raise interest rates by a quarter percentage, from 2.25 percent to 2.5 percent. The Dow Jones Industrial Average fell 1.49 percent to close at 23,323.66, while the S&P 500 Index decreased 1.54 percent to close at 2,506.96. The Nasdaq Composite Index slumped 2.17 percent to close at 6,636.83.
According to the Vice President of State Street Global Advisors Matthew John Bartolini, “The Fed is talking out of two sides of its mouth, and that just creates more uncertainty.”
“It’s telling the market it thinks growth will slow in the future while raising its forecast for unemployment in 2020, signaling they think there will be economic turmoil just 18 months from now,” Bartolini added.
The Market Edge Initiates Coverage on:
Electronic Arts Inc.
Activision Blizzard, Inc.
Electronic Arts' stock moved 2.05% lower Wednesday, to close the day at $78.36. The stock recorded a trading volume of 6,417,012 shares, which was above its three months average volume of 4,903,990 shares. In the last year, Electronic Arts' shares have traded in a range of 77.34 - 151.26. The share price has gained 1.32% 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 $86.12 is below its 200-day moving average of $116.36. Shares of the company are trading at a Price to Earnings ratio of 25.14. Shares of Electronic Arts have fallen roughly 5.64 percent in the past month and are down 25.41 percent year-to-date.
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On Wednesday, shares of Activision Blizzard recorded a trading volume of 8,363,273 shares, which was below the three months average volume of 10,090,060 shares. The stock ended the day 2.09% lower at $46.33. The share price has fallen 45.29% from its 52 week high with a 52 week trading range of 45.50 - 84.68. The company's shares are currently trading below their 200-day moving average. The stock's 50-day moving average of $53.53 is below its 200-day moving average of $70.06. Shares of the company are trading at a Price to Earnings ratio of 61.12. Shares of Activision Blizzard have fallen roughly 5.72 percent in the past month and are down 26.83 percent year-to-date.
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