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 Friday as Europe's debt troubles overshadowed a drop in the U.S. jobless rate. The Dow Jones Industrial Average fell 89 points to 11,954. The S&P 500 Index fell 10 points to 1,250. The Nasdaq Composite fell 17 points to 2,680. The earnings keep coming in, but most stocks are trading lower. AIG, Chesapeake Energy, Fluor, LinkedIn, Rosetta Stone, and KKR are all lower. Rosetta Stone is trading lower by 18%. Most sectors are trading lower. The retail sector is mixed this morning. Tiffany, Nordstrom, and Coach are lower on downgrades. Stanley Black and Decker was upgraded, but the stock is modestly lower. Red Robin Gourmet Burger and Starbucks are higher following better than expected earnings. A few stocks are trading higher following earnings including Sunpower, Genworth, and Netsuite. Through the first hour the averages pushed lower. No buyers this morning. A volatile week. Through the morning and into the afternoon the averages remained weak with the Dow dropping over 100 points. The Nasdaq dropped over 20 points. Not many stocks in the green as all eyes remain in Europe. In the financial space, Bank of America is down 6% on heavy volume as the company will once again raise capital and dilute their shares. That company has been a disaster. Jefferies is bucking the trend, trading higher after disclosing all their European positions. A number of commodities have perked up including some oils. Molycorp is up 4% on positive comments from the company. In the last hour the averages recovered a little into the close. Some shorts are covering. The Dow Jones Industrial Average fell 61 points to 11,983, paring losses in the final minutes of the session. It lost 2% for the week, its first down week in over a month. The S&P 500 lost 7 points to 1,253. It fell 2.5% for the week, its first down week in five. The Nasdaq Composite lost 11 points to 2,686. It fell 1.9% for the week.
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