NEW YORK, NY / ACCESSWIRE / March 2, 2018 / Markets continued to slide Thursday after President Trump announced that tariffs on steel and aluminum imports were on the way. The Dow Jones Industrial Average dropped 1.68 percent to close at 24,608.98, while the S&P 500 Index fell 1.33 percent to close at 2,677.67. The Nasdaq Composite Index declined 1.27 percent to close at 7,180.56. The President stated tariffs on imports would be 25 percent on steel and 10 percent on aluminum.

"That could really spook the market," said Marc Chaikin, CEO of Chaikin Analytics, according to CNBC. "The biggest wildcard would be a trade war and nobody should be excited for that."

RDI Initiates Coverage on:

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

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

Cleveland-Cliffs' stock jumped 10.24% Thursday, to close the day at $7.75. The stock recorded a trading volume of 27,838,889 shares, which was above its three months average volume of 14,180,620 shares. In the last year, Cleveland-Cliffs' shares have traded in a range of 5.56 - 10.87. The share price has gained 39.39% from its 52 week low. The company's shares are currently trading above their 200-day moving average. The stock's 50-day moving average of $7.55 is greater than its 200-day moving average of $7.16. Shares of the company are trading at a Price to Earnings ratio of 6.17. Shares of Cleveland-Cliffs have gained roughly 13.97 percent in the past month and are up 7.49 percent year-to-date.

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

On Thursday, shares of Freeport-McMoRan recorded a trading volume of 15,127,720 shares, which was below the three months average volume of 21,222,040 shares. The stock ended the day 0.32% lower at 18.54. The share price has gained 67.78% 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. The stock's 50-day moving average of $19.01 is greater than its 200-day moving average of $16.11. Shares of the company are trading at a Price to Earnings ratio of 14.80. Shares of Freeport-McMoRan have fallen roughly 4.68 percent in the past month and are down 2.22 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