Market News: Range Resources, Steadymed, Clovis Oncology

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The stock markets in the United States recovered today from its worst week since the August selloff amid speculations that the economic impact of the terrorist attacks in Paris would be limited.

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The energy sector drove the rally led by Chevron, up by 4.38% ti $91.45 per share and Exxon Mobil, up by 3.59% to $80.90 per share today.

Commenting on the market trends, Frank Cappeleri, a market technician at Instinet LLC, told Bloomberg, “We has a pretty sizable loss over the last two weeks and just because of that, we may not be seeing as much as a negative reaction as we could have if the tragedy occurred two weeks ago when the market was up within one percent of the highs.”

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Capelleri added, “Today at least, knowing where the market has come from, it’s helped it at least to be stable.”

The Paris attacks killed at least 129 people, which the Islamic State claimed responsibility. In response, the French government sent warplanes and bombed the terrorists groups’ stronghold in Raqqa, Syria and conducted raids on suspected Islamic radicals in the major cities of France.

Meanwhile, traders believed that there a 66% chance for the Federal Reserve to increase interest rates next month. Investors would evaluate economic data on consumer prices, factory activity, and housing starts this week to determine furthers signs on the probability of a rate hike.

Stephen Wood, chief market strategist at Russell Investments in New York, commented, “This is going to be a market driven by U.S. economic data. I think the market is still keeping its gaze on a December Fed decision.”

U.S. Markets

  • Dow Jones Industrial Average (DJIA) – 17, 483.01 (+1.38%)
  • S&P 500- 2,053.19 (+1.49%)
  • NASDAQ- 4,984.62 (+1.15%)
  • Russell 2000- 1,155.26 (+0.76%)

European Markets

  • EURO STOXX 50 Price EUR- 3,362.23 (+0.05%)
  • FTSE 100 Index- 6,146.38 (+0.46%)
  • Deutsche Borse AG German Stock Index DAX- 10,124.50 (+0.13%)

Asia-Pacific Markets

  • Nikkei 225- 19,393.69 (-1.04%)
  • Hong Kong Hang Seng Index- 22,010.82 (-1.72%)
  • Shanghai Shenzhen CSI 300 Index- 3,764.13 (+0.48%)

Stocks in Focus

The stock price of Range Resources increased more than 9% to $34.61 per share. The company signed an agreement to sell its Nore assets for $876 million to reduce debt.

Steadymed gained more almost 15% to $3.57 per share. Analysts at RBC Capital Markets recently reiterated their Outperform rating on the stock with price target of $13 per share.

Clovis Oncology plummeted more than 69% to $30.24 per share, the biggest loser among the companies on NASDAQ today. The U.S. Food and Drug Administration (FDA) asked the company to provide additional clinical data to support the efficacy of Rociletinib.

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About the Author

Marie Cabural
Marie received her Bachelors Degree in Mass Communication from New Era University. She is a former news writer and program producer for Nation Broadcasting Corporation (NBC-DZAR 1026), a nationwide AM radio station. She was also involved in events management. Marie was also a former Young Ambassador of Goodwill during the 26th Ship for Southeast Asian Youth Program (SSEAYP). She loves to read, travel and take photographs. She considers gardening a therapy.

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