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 offered a tepid start on Tuesday ahead of a meeting of European finance ministers on the region's credit crisis. The Dow Jones Industrial Average rose 9 points to 11,532. The S&P 500 Index opened flat at 1,192. The Nasdaq Composite fell 5 points to 2,521. The news hasn't been that great. Airline company, AMR is down 84% after filing for bankruptcy this morning. The rest of the sector is trading sharply higher. Luxury retailer Tiffany's is down 7% after reporting solid earnings, but weak guidance. A number of luxury retailers are struggling this morning. Best Buy continues to perform well following a strong Black Friday weekend. Amazon is lower as Cyber Monday didn't measure up. The financials remain the weakest sector. National Financial Partners is down 5% on a downgrade. Bank of America made a new 52 week, trading at lows not seen since March 2009. That's not a good statement. The techs opened higher, but then sold off. Corning is leading the weakness down 10% after lowering glass volume. Google, Apple, and IBM are also trading in the red. A few techs look good. HP is up 3% on an upgrade. Research in Motion is jumping 7% on an upgrade. Seagate is up 5% after the company raised guidance last night. Intel looks good ahead of a conference this afternoon. Qualcomm is higher on an upgrade. So the chips and disk driver makers look good. Better than expected consumer confidence number out within the first hour sent the averages higher. Through the morning the Dow rose 90 points while the Nasdaq barely rallied. The energy and materials are all trading higher. Devin Energy is higher on an upgrade while Transocean is down 7% after admitting they will issue new shares to raise money. Through the morning and afternoon the Dow held on to its' gains even as the financials sold off. The Nasdaq drifted lower. In the last hour more and more stocks fell into the red. Not much of a rebound. The Dow Jones Industrial Average finished up 32 points at 11,555. The blue-chip average briefly reclaimed positive ground for the year but closed with a 0.2% 2011 loss. The S&P 500 rose 2 points to 1,195. Energy led S&P 500 subsectors with a gain of 1.5%; tech and financials lagged. The Nasdaq Composite fell 11 points to 2,515.
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