Stocks cut sharp early losses and closed mixed Thursday as Wall Street kicked off the fourth quarter with investors struggling to put the worst quarterly decline in four years behind them.
The Dow Jones industrial average was down about 13 points, or 0.1%, to 16,272, according to preliminary calculations, after being down as much as 110 points earlier. The Standard & Poor’s 500 stock index was up 4 points, or 0.2%, to 1924 and the Nasdaq composite index gained 7 points, or 0.2%, to 4627.
Last quarter, of course, was the worst for Wall Street since the third quarter of 2011, with the Dow falling 7.7% in the quarter, and the S&P 500 dipping 6.9% and the Nasdaq giving back 7.4%.
Wall Street is heading into the final three months of the year still trying to gauge the impact of a slowing economy in China and the impact of coming interest rate hikes on assets ranging from stocks to bonds to commodities.
While the stock market is kicking off what historically has been its best six-month stretch for gains, Wall Street remains cautious after the market suffered its first 10% price correction since 2011 in the just-ended third quarter.
Even though the broad U.S. stock market rallied almost 2% Wednesday on the final trading day of the third quarter, so-called market “breadth” wasn’t overly impressive, with gainers on the New York Stock Exchange topping losing stocks by a 5 to 1 ratio, according to Chris Verrone, an analyst at Strategas Research Partners.
Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) finished last trade at $1.81, lose -5.24%. Trading volume recorded for this company was about 2.78 million shares as compared to its average volume of 2.93 million shares while its 52 week high is $6.28. The company has the total of 242.24 million outstanding shares while its market capitalization is now about $462.68 million. Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) offers BELVIQ, a drug used to treat chronic weight management in adults. It is also developing a portfolio of programs in various therapeutic areas, including cardiovascular, central nervous system, and metabolic diseases. Its products under development include Ralinepag, an agonist of the prostacyclin receptor intended for the treatment of vascular diseases, including potentially pulmonary arterial hypertension that is in Phase II clinical trials.
Eldorado Gold Corp. (USA) (NYSE:EGO) closed at $ 3.05, down -5.28%, on volume of over 4.28 million shares. The company has an average trading volume of 5.71 million shares. Its market capitalization was $2.16 billion. Eldorado Gold Corp. (USA) (NYSE:EGO) engages in the exploration, discovery, development, production, and reclamation of gold properties, primarily in Brazil, China, Greece, Turkey, and Romania. It also explores for iron, silver, lead, zinc, and copper ores. The company was formerly known as Eldorado Corporation Ltd. and changed its name to Eldorado Gold Corporation in April 1996. Eldorado Gold Corporation was founded in 1992 and is headquartered in Vancouver, Canada.
Antares Pharma Inc. (NASDAQ:ATRS) traded with -5.29% lost momentum to $1.61 in the latest trading session It captured $264.72 Million in market value. The total number of shares traded on the latest trading day was about 882,893 shares. The day started out with an opening price of $1.69 and changed hands at price range of $1.58 to $1.69 apiece. Antares Pharma Inc. (NASDAQ:ATRS) declared that the journal Sexual Medicine has published the previously disclosed positive results from a multi-center, phase II clinical study evaluating the pharmacokinetic (PK) profile of testosterone enanthate administered once-weekly by subcutaneous injection using the VIBEX® QuickShot® auto injector in testosterone deficient men.