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 lower on Tuesday after data illustrating a slowdown in Germany's economy renewed worries about the global economy. Losses were tempered, however, as Fitch reaffirmed the United States' triple-A credit rating. The Dow Jones Industrial Average fell 76 points to 11,406. The Standard & Poor's 500 Index shed 10 points to 1,194. The Nasdaq Composite declined 24 points to 2,530. Earnings are coming in from the retail sector. Within the Dow, Walmart and Home Depot look good. Both are up over 4% following better than expected earnings. TJX is also higher following earnings while Urban Outfitters is down 7% following earnings. Dicks and Saks are also lower following earnings. Dollar General is up 3% this morning on news Warren Buffett has initiated a stake in the firm. Aeropostale is also higher following news a hedge fund manager is investing in the firm. The financials are weak once again after a couple of up days. The commodities are weak and the techs, for the most part, are lower as well. Within the first hour the Dow fell as much as 125 points before rebounding. The Nasdaq fell 40 points before rebounding. Through the morning the Dow trimmed its' losses with the Dow down just 70 points. The Nasdaq fell 20 points. A few more stocks peaked into the green including Intel, Microsoft, HP, and Dell. Dell and HP report earnings later in the week. The averages made it back to the unchanged level by the lunch hour. However less than appealing comments from the leaders of Europe sent the major averages lower. The Dow fell a quick 150 points while the Nasdaq declined 50 points. Through the rest of the afternoon, the averages fought and clawed to get back most of the losses. In the last hour the averages almost reached the unchanged level only to sell off into the close. The Dow Jones Industrial Average finished down 76 points at 11,405, led by a 4.6% drop in Bank of America. The S&P 500 slid 11 points to 1,192, with financials hit hardest after the German and French leaders said they planned to propose a tax on financial transactions, but dismissed the idea of issuing euro-zone bonds. The Nasdaq Composite lost 31 points, or 1.2%, to 2,523.
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