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 rallied Wednesday after the Federal Reserve and five other central banks together moved to ease the flow of funds to banks hit by Europe's debt crisis. The Dow Jones Industrial Average rose 333 points to 11,888. The S&P 500 Index climbed 37 points to 1,232, with industrials leading the gains that extended to all of its 10 industry groups. The Nasdaq Composite rose 74 points to 2,590. It's an all or nothing day as everything is trading higher. Foreign markets like China which were down over 3% before this news broke have reversed course. The financials look good as they should with the moves by the World's central banks. The European banks are up the most with Germany's Deutsche Bank rallying 8%. The financials still have a ways to go. Through the first hour the Dow surged higher rallying 400 points. Caterpillar, Cisco, JP Morgan, and Intel are up over 5% in the Dow. The Nasdaq is surging 85 points. The techs look great except for Corning which is modestly lower. Corning was downgraded. The rest of the sectors look great. Energy, Materials, and Industrials are surging. Cliffs Natural Resources and Freeport McMoran are up over 6% on upgrades. Transocean is up 4% after pricing their secondary offering. Agrium is up 4% on an upgrade. In the retail space, American Eagle is up 4% following in line earnings and better than expected guidance. Tractor Supply is up 4% on an upgrade. Through the morning the Dow rose over 400 points as the Nasdaq rose 90 points. A good way to end the month. Similar to the last several days, the averages moved sideways through most of the day near the highs of the day. Volume unfortunately remains low. In the last hour a modest pull back only brought the buyers back in pushing the averages to new highs for the day. The Dow Jones Industrial Average finished up 490 points, or 4.2%, at 12,045, ending the month in the green up 0.8% for November. The S&P 500 Index rose 51 points, or 4.3%, to 1,246, down 0.5% for the month. The Nasdaq Composite climbed 104 points, or 4.2%, to 2,620 off 2.4% from the end of October.
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