Bank of America, JPMorgan Chase and Alcoa Decline as Dow Jones Witnesses Correction

US stock markets witnessed correction on Monday as the Dow Jones Industrial Average declined 0.61 percent or 74.70 points to 12,078.98 points. Standard & Poor’s fell 0.96 percent or 12.07 points to 1,251.78 points while NASDAQ composite slipped to 2,657.22 points.

Bank of America Corp (NYSE:BAC) reported the top fall among Dow Jones components and declined 2.19 percent to close at $6.05 in yesterday’s session. The traded volume stood at 225.06 million shares as compared to average traded volume of 270.19 million shares. The share price fell 7.74 percent below its 50-days simple moving average after yesterday’s fall. The relative strength index of 42.17 also shows that the stock has considerable margin for upward movement.

JPMorgan Chase & Co (NYSE:JPM) dropped 2.19 percent to close at $32.55 in yesterday’s session with traded volume of 27.57 million shares. On average the stock trades with volume of 46.35 million shares per day. The share price seems to be trading at attractive levels as per its relative strength index and price to earnings ratio which stand at 46.30 and 6.94 times respectively.

Alcoa Inc (NYSE:AA) declined 2.08 percent to close at $2.08 in yesterday’s session. The traded volume stood at 23.04 million shares as compared to its average traded volume figure of 40.49 million shares per day. The share price is trading at a relative strength index of 46.43 times which shows that the share price has considerable margin for capital gains.

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Rehan Khan

About Rehan Khan

Rehan Khan has been involved in the financial sector for last 6 years. During that time he has been associated with many financial institutions, banks and brokerages. Rehan is also a graduate in finance and has been writing for last 2 years for various web publications, specializing in US stock markets, penny stocks, forex and commodities.

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