NEW YORK, NY / ACCESSWIRE / February 5, 2018 / U.S. markets dropped sharply Friday as a better-than-expected jobs report sent interest rates higher. The yield on the benchmark 10-year Treasury bond hit a four year high of 2.85 percent. The Dow Jones Industrial Average dropped 2.54 percent to close at 25,520.96, for a weekly loss of 4.17 percent, the largest weekly decline for the Dow in over 2 years. The S&P 500 Index fell 2.12 percent to close at 2,762.13, for a weekly loss of 3.85 percent, while the Nasdaq Composite Index declined 1.96 percent to close at 7,240.95, for a weekly loss of 3.52 percent.

"The key for the market today is rising interest rates," said Mike Baele, managing director at U.S. Bank Wealth Management, according to CNBC. "The old adage is: 'Bull markets don't die of old age, they are killed by higher interest rates.' That looms large."

RDI Initiates Coverage on:

Cleveland-Cliffs Inc. (NYSE: CLF)
https://rdinvesting.com/news/?ticker=CLF

Freeport-McMoRan, Inc. (NYSE: FCX)
https://rdinvesting.com/news/?ticker=FCX

Cleveland-Cliffs' stock moved 4.71% lower Friday, to close the day at $6.48. The stock recorded a trading volume of 20,134,882 shares, which was above its three months average volume of 12,994,139 shares. In the last year, Cleveland-Cliffs' shares have traded in a range of 5.56 - 12.37. The share price has gained 16.55% 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 $7.70 is greater than its 200-day moving average of $7.20. Shares of the company are trading at a trailing Price to Earnings ratio of 5.08. Shares of Cleveland-Cliffs have fallen roughly 19.40 percent in the past month and are down 10.12 percent year-to-date.

Access RDI's Cleveland-Cliffs Inc. Research Report at:
https://rdinvesting.com/news/?ticker=CLF

On Friday, shares of Freeport-McMoRan recorded a trading volume of 25,449,182 shares, which was above the three months average volume of 18,328,382 shares. The stock ended the day 7.61% lower at 17.97. The share price has gained 62.62% from its 52 week low with a 52 week trading range of 11.05 - 20.25. The company's shares are currently trading above their 200-day moving average. Moreover, the stock's 50-day moving average of $19.11 is greater than its 200-day moving average of $15.55. Shares of Freeport-McMoRan are trading at a trailing Price to Earnings ratio of 14.34. Shares of Freeport-McMoRan have fallen roughly 8.97 percent in the past month and are down 5.22 percent year-to-date.

Access RDI's Freeport-McMoRan, Inc. Research Report at:
https://rdinvesting.com/news/?ticker=FCX

Our Actionable Research on Cleveland-Cliffs Inc. (NYSE:CLF) and Freeport-McMoRan, Inc. (NYSE:FCX) can be downloaded free of charge at Research Driven Investing.

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SOURCE: RDInvesting.com