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, with the S&P 500 retreating after a three-session rise, on signals China's economy is slowing. The Dow Jones Industrial Average fell 77 points to 13,162. The S&P 500 Index declined 8 points to 1,400. The Nasdaq Composite shed 21 points to 3,056. No matter what the excuse, the market needs a down day or two. It's not good to go up every day. The weakness in China is hitting the miners and other energy plays. The financials have been on fire, but are succumbing to profit-taking. Bank of America is rebounding as they don't have any intentions to issue more shares. Goldman is also higher. Jefferies is higher following earnings. The techs are lower including Apple. Wow. Apple did get an upgrade, shocker. F5 Networks is lower by 3% on a downgrade. Adobe is down 3% on in line quarterly guidance. In the retail space DSW is lower on earnings. Best Buy is down 2% on an upgrade. Through the first hour the Dow fell 100 points with the Nasdaq still on its' lows. The defensive sectors like utilities and consumer staples are the best performing areas. Through the morning the averages slowly improved as utilities and consumer staples pulled back. In the afternoon the averages kept improving. Apple moved into the green making a new all time high. The financials also turned around. Industrials, energy, and the transports are still in the red. In the last hour the Dow pulled back while the Nasdaq and Apple held up better. The Dow Jones Industrial Average fell 68 points to 13,170. The S&P 500 fell 4 points to 1,405. The Nasdaq Composite performed better, slipping just 4 points to 3,074.
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