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 wavered Wednesday due on part to quiet markets overseas and limited news before the bell. The Dow Jones Industrial Average rose 10 points to 13,181. The S&P 500 Index added a point to 1,406. The Nasdaq Composite rose 6 points to 3,080. Another day another new high for Apple. Oracle also looks good following better than expected earnings last night. Micron is higher by 2% on an upgrade and agreeing to buy a Japanese firm. Rackspace is higher on an upgrade. LinkedIn is jumping 8% on an upgrade. The financials are holding up this morning. Hartford is higher by 4% after announcing they will wind down their annuity business. Annaly is higher after announcing their dividend. Hudson City Banc is lower even though it received an upgrade. Energy is the weakest sector so far. Baker Hughes is lower by 4% after lowering guidance. All the oils are lower. Through the morning the averages sold off as the US dollar perked up. The financials, techs, and telecom are resisting the sell off. AT&T is higher on an upgrade. During the lunch hour the averages rebounded with the Nasdaq nudging into the green thanks in part to Google. Oracle is going the other direction now in the red. The financials have also rebounded along with materials, consumer discretionary, transports, and telecom. Resilient market. Through the afternoon the averages held up by a select number of stocks. However, in the last hour the averages pulled back into the close. Even Apple dropped into the red. Amazing. The Dow Jones Industrial Average ended down 45 points at 13,124, with H-P leading declines. The S&P 500 fell 2 points to 1,402, led by energy-share losses. The Nasdaq Composite rose a point to 3,075. The Nasdaq is up 18% for the year. Amazing.
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