NEW YORK, NY / ACCESSWIRE / June 7, 2018 / U.S. equities closed in the green on Wednesday, as bond yields rose pushing financial sector higher. The Dow Jones Industrial Average jumped 1.40 percent to close at 25,146.39, logging its biggest one-day gain since April 10, while the S&P 500 Index climbed 0.86 percent to close at 2,772.35. The Nasdaq Composite Index was up 0.67 percent to close at 7,689.24.
"While investors continue to watch trade developments, it's really the rise in bond yields that is supporting the market today. The indication that the ECB could reduce bond purchases as early as next week has allowed long-term rates to move up, and that's driving financials higher, as higher rates support their outlook," said Kate Warne, investment strategist at Edward Jones.
"We're still in the stage of the economy where rising rates reflect stronger economic growth, as opposed to central banks trying to combat inflation. The ECB news is a relief rather than a worry," Warne added.
RDI Initiates Coverage on:
Endo International plc
Endo International's stock jumped 19.05% Wednesday, to close the day at $7.75. The stock recorded a trading volume of 17,650,994 shares, which was above its three months average volume of 4,744,592 shares. In the last year, Endo Internationale's shares have traded in a range of 5.27 - 14.15. The share price has gained 47.06% 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 $5.96 is below its 200-day moving average of $6.74. Shares of Endo International have gained roughly 38.39 percent in the past month.
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On Wednesday, shares of Allergan recorded a trading volume of 2,537,331 shares, which was below the three months average volume of 2,833,053 shares. The stock ended the day 2.08% higher at $155.38. The share price has fallen 39.49% from its 52 week high with a 52 week trading range of 142.81 - 256.80. The company's shares are currently trading below their 200-day moving average. The stock's 50-day moving average of $154.54 is below its 200-day moving average of $164.36. Shares of Allergan have gained roughly 4.07 percent in the past month and are down 5.01 percent year-to-date.
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