As concerns over the coronavirus (also referred to as COVID-19) continue to dominate news headlines, cause volatility in the marketplace, and test investor confidence in securities markets, one thing remains unchanged - Leigh Baldwin & Co. and its commitment to assist clients through turbulent times. Along with the securities markets, we remain open and available to clients, ready to assist with any needs, questions, or concerns as they arise.
U.S. stocks opened mostly lower Wednesday, even though the earnings so far this morning are looking better than expected. The Dow Jones Industrial Average fell 35 points to 12,444. The Standard & Poor's 500 Index declined 2 points to 1,326. Both indexes are lower for the fourth straight session. The Nasdaq Composite Index rose fractionally to 2,783. To the upside, Dell and Analog Devices are both trading up 5% following earnings. The chips in general look good this morning. Broadcom and Intel are higher following positive analyst comments. Apple, Corning, and Research in Motion look good this morning. HP looks awful once again down 2% following more downgrades. More earnings keep coming out of the retail sector. Abercrombie & Fitch is jumping 4% following better than expected earnings. SodaStream is up 8% thanks to strong earnings. BJ's is also higher following earnings while TJX, Under Armour, and Gamestop are higher on upgrades. Staples is down a whopping 14% following earnings. Target and Deere are also lower following earnings. Mattel, Walmart, and Dicks are lower even though each were upgraded. Through the first hour the Nasdaq improved while the Dow remains stuck in the red. The financials are lower following a one day rally. Shocker. Eaton Vance is lower following earnings. Aflac is down 3% after lowering guidance. Through the morning the bulls stepped back in with all three major averages moving into the green led by commodities and techs. In the afternoon the averages kept improving even as the Fed minutes from their last meeting were released. Techs and commodities remain in the green right into the close. The Dow Jones Industrial Average finished up 80 points at 12,560 while the S&P 500 rose by almost 1% or 11 points to 1,340. Both averages ended their three day losing streaks. The Nasdaq Composite rallied 31 points to finish the day at 2,815.
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