NEW YORK, NY / ACCESSWIRE / December 17, 2018 / U.S. markets slumped on Friday as bank shares dragged equities lower amidst concerns about global economic slowdown after China’s industrial and sales growth report fell short of expectations. The Dow Jones Industrial Average dropped 2.02 percent to close at 24,100.51, while the S&P 500 Index fell 1.91 percent to close at 2,599.95. The Nasdaq Composite Index plunged 2.26 percent to close at 6,910.67.
“Indeed, investors are right to be worried about global growth as China economy continues to sputter,” said OANDA’s Asia Pacific head of trading, Stephen Innes. “The data lend support to the market’s view that things will get worse in China before they get better, this despite investment rising,” Innes added.
The Market Edge Initiates Coverage on:
Wells Fargo & Company
https://marketedgereport.com/report/WFC/
Lloyds Banking Group plc
https://marketedgereport.com/report/LYG/
Wells Fargo & Company's stock moved 1.04% lower Friday, to close the day at $46.54. The stock recorded a trading volume of 25,913,029 shares, which was above its three months average volume of 23,006,710 shares. In the last year, Wells Fargo & Company's shares have traded in a range of 46.38 - 66.31. The share price has gained 0.34% 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 $52.17 is below its 200-day moving average of $54.85. Shares of the company are trading at a Price to Earnings ratio of 10.99. Shares of Wells Fargo & Company have fallen roughly 12.09 percent in the past month and are down 23.29 percent year-to-date.
Access The Market Edge's Wells Fargo & Company Research Report:
https://marketedgereport.com/report/WFC/
On Friday, shares of Lloyds Banking Group recorded a trading volume of 25,699,376 shares, which was above the three months average volume of 12,099,298 shares. The stock ended the day 0.77% lower at $2.58. The share price has fallen 38.72% from its 52 week high with a 52 week trading range of 2.51 - 4.21. The company's shares are currently trading below their 200-day moving average. The stock's 50-day moving average of $2.86 is below its 200-day moving average of $3.11. Shares of the company are trading at a Price to Earnings ratio of 8.60. Shares of Lloyds Banking Group have fallen roughly 7.53 percent in the past month and are down 31.20 percent year-to-date.
Access The Market Edge's Lloyds Banking Group plc Research Report:
https://marketedgereport.com/report/LYG/
Our Actionable Research on Wells Fargo & Company (NYSE:WFC) and Lloyds Banking Group plc (NYSE:LYG) can be downloaded free of charge at The Market Edge.
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SOURCE: MarketEdgeReport