NEW YORK, NY / ACCESSWIRE / May 3, 2018 / U.S. markets closed lower Wednesday after the Fed released a statement indicating an interest rate increase would be likely in the coming months. The Dow Jones Industrial Average declined 0.72 percent to close at 23,924.98, while the S&P 500 shed 0.72 percent to close at 2,635.67. The Nasdaq Composite Index was down 0.42 percent to close at 7,100.90.
"There are concerns in the market that rising inflation will prompt the Fed to hike more than three times this year, but the Fed statement was reassuring as it did not hint of faster pace of hikes," said Kate Warne, investment strategist at Edward Jones.
"While this should be positive for markets in general, we should be careful to assigns today's modest moves to the Fed statement. Small moves often happen even without any news," Warne added.
RDI Initiates Coverage on:
Enbridge Energy Partners, L.P.
Apache's stock moved 1.51% higher Wednesday, to close the day at $41.06. The stock recorded a trading volume of 4,439,198 shares, which was below its three months average volume of 5,197,888 shares. In the last year, Apache's shares have traded in a range of 33.60 - 52.67. The share price has gained 22.2% 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 $38.86 is below its 200-day moving average of $40.79. Shares of the company are trading at a Price to Earnings ratio of 12.04. Shares of Apache have gained roughly 8.34 percent in the past month and are down 2.75 percent year-to-date.
Access RDI's Apache Corporation Research Report at:
On Wednesday, shares of Enbridge Energy recorded a trading volume of 6,175,503 shares, which was above the three months average volume of 1,994,513 shares. The stock ended the day 10.86% lower at $9.36. The share price has fallen 50.63% from its 52 week high with a 52 week trading range of 9.05 - 18.96. The company's shares are currently trading below their 200-day moving average. The stock's 50-day moving average of $10.24 is below its 200-day moving average of $13.11. Shares of the company are trading at a Price to Earnings ratio of 18.72. Shares of Enbridge Energy have fallen roughly 2.19 percent in the past month and are down 32.22 percent year-to-date.
Access RDI's Enbridge Energy Partners, L.P. Research Report at:
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