NEW YORK, NY / ACCESSWIRE / October 12, 2018 / U.S. equities remained bearish on Thursday as worries over rising interest rate and sell-off in technology shares pressure major markets to lower. The Dow Jones Industrial Average declined 2.13 percent to close at 25,052.83, losing 1,378 points in 2 days. S&P 500 Index decreased 2.06 percent to close at 2,728.37 and the Nasdaq Composite Index closed down 1.25 percent to close at 7,329.06. All major indexes finished below their 200-day moving average.
The market losses are “a reaction from investors finally realizing we are in a higher interest-rate environment, and given the elevated level of stocks, market participants were likely looking for a reason to sell,” said Charlie Ripley, senior investment strategist for Allianz Investment Management. “Higher interest rates typically bring on tighter financial conditions which could dampen growth going forward and equity markets are reacting to that.” He added, “we are witnessing the repercussions in the markets as the Fed takes the punch bowl away from the party.”
RDI Initiates Coverage on:
Kirkland Lake Gold Ltd.
https://rdinvesting.com/news/?ticker=KL
Newmont Mining Corporation
https://rdinvesting.com/news/?ticker=NEM
Kirkland Lake Gold's stock jumped 11.25% Thursday, to close the day at $21.06. The stock recorded a trading volume of 2,627,306 shares, which was above its three months average volume of 1,375,044 shares. In the last year, Kirkland Lake Gold's shares have traded in a range of 11.52 - 23.86. The share price has gained 82.81% 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 $18.81 is below its 200-day moving average of $19.25. Shares of the company are trading at a Price to Earnings ratio of 22.87. Shares of Kirkland Lake Gold have gained roughly 15.21 percent in the past month and are up 37.11 percent year-to-date.
Access RDI's Kirkland Lake Gold Ltd. Research Report at:
https://rdinvesting.com/news/?ticker=KL
On Thursday, shares of Newmont Mining recorded a trading volume of 12,408,595 shares, which was above the three months average volume of 5,443,016 shares. The stock ended the day 7.07% higher at $32.72. The share price has fallen 22.17% from its 52 week high with a 52 week trading range of 29.16 - 42.04. The company's shares are currently trading below their 200-day moving average. The stock's 50-day moving average of $30.78 is below its 200-day moving average of $36.33. Shares of the company are trading at a Price to Earnings ratio of 107.28. Shares of Newmont Mining have gained roughly 10.43 percent in the past month and are down 12.79 percent year-to-date.
Access RDI's Newmont Mining Corporation Research Report at:
https://rdinvesting.com/news/?ticker=NEM
Our Actionable Research on Kirkland Lake Gold Ltd. (NYSE:KL) and Newmont Mining Corporation (NYSE:NEM) can be downloaded free of charge at Research Driven Investing.
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SOURCE: RDinvesting.com