Monday, 27 August 2018 08:00 AM
NEW YORK, NY / ACCESSWIRE / August 27, 2018 / U.S. equities closed up on Friday following Federal Reserve Chairman Jerome Powell's speech, which confirmed the Federal Reserve will gradually normalize monetary policy. According to Powell, the two risks of raising interest rates are ''moving too fast and needlessly shortening the expansion, versus moving too slowly and risking a destabilizing overheating.''''I see the current path of gradually raising interest rates as the [Federal Reserve's] approach to taking seriously both of these risks,'' Powell added. The Dow Jones Industrial Average gained 0.52 percent to close at 25,790.35, while the S&P 500 Index increased 0.62 percent to close at 2,874.69. The Nasdaq Composite Index rose 0.86 percent to close at 7,945.98.
''It struck me as a little bit dovish,'' a Karyn Cavanaugh, Voya Investment Management's senior market strategist, referring to Powell's speech. ''I think it was refreshing for the market to hear Powell say that inflation wasn't an issue and that they are OK with it. It is a weight off the market's mind.''
RDI Initiates Coverage on:
Portola Pharmaceuticals, Inc.
https://rdinvesting.com/news/?ticker=PTLA
AVEO Pharmaceuticals, Inc.
https://rdinvesting.com/news/?ticker=AVEO
Portola Pharmaceuticals' stock jumped 9.06% Friday, to close the day at $28.17. The stock recorded a trading volume of 2,863,933 shares, which was above its three months average volume of 1,336,574 shares. In the last year, Portola Pharmaceuticals' shares have traded in a range of 24.63 - 64.56. The share price has gained 14.37% 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 $34.85 is below its 200-day moving average of $37.68. Shares of Portola Pharmaceuticals have fallen roughly 31.99 percent in the past month and are down 42.13 percent year-to-date.
Access RDI's Portola Pharmaceuticals, Inc. Research Report at:
https://rdinvesting.com/news/?ticker=PTLA
On Friday, shares of AVEO Pharmaceuticals recorded a trading volume of 2,347,634 shares, which was below the three months average volume of 2,502,579 shares. The stock ended the day 4.8% higher at $2.62. The share price has fallen 38.21% from its 52 week high with a 52 week trading range of 1.86 - 4.24. The company's shares are currently trading above their 200-day moving average. The stock's 50-day moving average of $2.35 is below its 200-day moving average of $2.51. Shares of AVEO Pharmaceuticals have gained roughly 13.91 percent in the past month and are down 6.09 percent year-to-date.
Access RDI's AVEO Pharmaceuticals, Inc. Research Report at:
https://rdinvesting.com/news/?ticker=AVEO
Our Actionable Research on Portola Pharmaceuticals, Inc. (NASDAQ: PTLA) and AVEO Pharmaceuticals, Inc. (NASDAQ: AVEO) can be downloaded free of charge at Research Driven Investing.
Research Driven Investing
We are committed to providing relevant and actionable information for the self-directed investor. Our research is reputed for being a leader in trusted, in-depth analysis vital for informed strategic trading decisions. The nimble investor can leverage our analysis and collective expertise to execute a disciplined approach to stock selection.
RDInvesting has not been compensated; directly or indirectly; for producing or publishing this document.
Disclaimer: This article is written by an independent contributor of RDInvesting.com and Nadia Noorani, a CFA® charter holder, has provided necessary guidance in preparing the document templates. RDInvesting.com is neither a registered broker-dealer nor a registered investment advisor. For more information please read our full disclaimer at www.rdinvesting.com/disclaimer.
CONTACT
For any questions, inquiries, or comments reach out to us directly at:
Address:
Email:
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
SOURCE: RDInvesting.com