NEW YORK, NY / ACCESSWIRE / May 11, 2018 / U.S. markets eked out gains on Thursday, on the back of positive economic data and strong performance from the technology sector. The technology sector has gained almost 7% in May which is a much steeper gain than any other sector. The Dow Jones Industrial Average jumped 0.80 percent to close at 24,739.53, logging its 6th day of gain, while the S&P 500 Index spiked 0.94 percent to close at 2,723.07. The Nasdaq Composite Index rose 0.89 percent to close at 7,404.97.
"Because this handful of stocks (in technology sector) are continuing to lead, it will be hard to get the kind of market breadth that you'd like to see signal a more positive backdrop. I'd like to see broader participation, and more trading volume on positive days. Until we get that, then I’m not sure that the consolidation phase has ended," said William Delwiche, an investment strategist at Robert W. Baird.
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Vale's stock jumped 3.66% Thursday, to close the day at $14.44. The stock recorded a trading volume of 20,393,909 shares, which was below its three months average volume of 21,757,561 shares. In the last year, Vale's shares have traded in a range of 7.47 - 14.67. The share price has gained 93.31% 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 $13.34 is above its 200-day moving average of $12.40. Shares of the company are trading at a Price to Earnings ratio of 13.88. Shares of Vale have gained roughly 10.23 percent in the past month and are up 18.07 percent year-to-date.
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On Thursday, shares of Freeport-McMoRan recorded a trading volume of 19,718,635 shares, which was above the three months average volume of 17,592,838 shares. The stock ended the day 3.44% higher at $16.22. The share price has fallen 19.9% from its 52 week high with a 52 week trading range of 11.05 - 20.25. The company's shares are currently trading below their 200-day moving average. The stock's 50-day moving average of $17.02 is below its 200-day moving average of $17.15. Shares of the company are trading at a Price to Earnings ratio of 12.94. Shares of Freeport-McMoRan have fallen roughly 10.88 percent in the past month and are down 14.45 percent year-to-date.
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