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 higher early Monday as hopes for expansion in the euro-zone bailout program and strong gains for European markets helped provide an early lift. The Dow Jones Industrial Average climbed 0.9%, or 94 points, to 10867. The S&P 500 index rose 8 points to 1,148 and the Nasdaq Composite rose 17 points to 2500. For once the financials are in the lead as some progress is developing in Europe to tackle their credit crisis. All the European banks are performing well. UBS is up 3% as their CEO is stepping down after a rogue broker lost $2 billion. The big US money center banks look good. Berkshire Hathaway's stock jumped 5.6% after the company announced its' first ever share buyback plan. The techs opened higher, but sold following the open led by Apple. Apple is down 2% on rumors of production cuts for their Ipads. The rumors are hurting all the tech stocks. The commodities are also taking it on the chin. Mosaic is down 5% after announcing a secondary offering. All the fertilizers are lower along with most commodity stocks. Through the first hour the averages gave up a majority of their gains. After the first hour the Dow rebounded rallying 100 points, but the breath of the market is getting worse. Through the morning and into the afternoon the Dow remained in the green, but the broader market is not performing as well.
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