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, extending losses into a second day, as rising Spanish yields heightened worry about Europe's ability to stem its debt crisis. The ongoing issues from overseas overshadow better-than-expected reports on the U.S. economy. The Dow Jones Industrial Average fell 36 points to 12,042. The S&P 500 Index declined 9 points to 2,648. The Nasdaq Composite retreated 4 points to 1,247. The story remains the same. The averages want to go higher, but the European problems are keeping plenty of investors on the sidelines. The earnings keep coming in. Dicks, TJX, Saks, and Home Depot are trading higher following earnings. Dicks is up 4% after easily beating estimates and also initiating a 50 cent dividend. A number of retailers are trading lower following earnings including Staples, Walmart, and Urban Outfitters. After the open, the averages started to rebound led by the techs. Intel, Google, Apple, and Research in Motion look good. Broadcom and Microstrategy are higher on upgrades. Seagate is lower by 2% on a downgrade. The financials are stuck at the unchanged level as investors will not touch them with all the problems in Europe. At least Visa and Mastercard are trading higher. After the first hour the averages remain in the red with only the techs trading higher.
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