DJIA Bears In Focus: JPMorgan Chase, Bank of American and General Electric

US stock markets moved with upbeat sentiments on Tuesday as the Dow Jones Industrial Average gained 0.48 percent or 60.01 points to close at 12,482.07 points. Standard & Poor 500 index advanced 0.36 percent or 4.58 points to 1,293.67 while NASDAQ Composite index surged 0.64 percent or 17.41 to settle at 2,728.08 for the day. Despite positive closing at Dow Jones following stocks remained under pressure yesterday

JPMorgan Chase & Co. (NYSE:JPM) plunged 2.81 percent to close at $34.91 in yesterday’s session. The traded volume stood at 55.11 million shares as compared to its average volume figure of 40.96 million shares per day. Correction was overdue in JPM as the share price was still trading 7.13 percent above its 50-days simple moving average despite yesterday’s fall.

Bank of America Corp (NYSE:BAC) fell 1.97 percent to close at $6.48 with traded volume of 293.8 million shares for the day. The share price is trading at its overbought level as per its relative strength index of 60.16, moreover the share price was still 11.79 percent above its 50-days moving average after yesterday’s fall.

General Electric Company (NYSE:GE) declined 0.53 percent to close at $18.74 in yesterday’s session. The traded volume stood at 49.20 million shares as compared to its average volume figure of 63.97 million shares per day. The share price is also trading near its overbought level as per its relative strength index of 66.43.

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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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