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 started with gains Friday as investors cheered results from corporations including Amazon.com and Ford Motor. Stocks maintained gains after the Commerce Department said the economy expanded less than estimated in the first quarter. The Dow Jones Industrial Average climbed 26 points to 13,231. The S&P 500 rose 3 points to 1,403. The Nasdaq Composite advanced 6 points to 3,057. This market is very resilient in the face of slowing growth in Europe and the U.S. The earnings keep flooding in much better than expected although not all stocks are trading higher. In the tech space Western Digital and Seagate are both down over 10% on earnings. Fusion-io, Netsuite, and KLA Tencor are also lower on earnings. Apple and Google are also lower this morning. Maxim is trading up 4% on earnings, but the real winners are Expedia and Amazon. Both stocks are up over 14%, Expedia is up a whooping 30%. Nice. In the retail space Decker Outdoors, the maker of the once popular Uggs, is down 25% on disappointing earnings and lower guidance. The Uggs are out of favor. Starbucks and Callaway are down over 5% on earnings. Cabelas' was upgraded, but the stock is down 2%. In the drug sector PG is down 3% on earnings. Coventry Health is down 10% on earnings. Merck is unchanged following in line guidance. Amgen is one of the few drugs higher following strong earnings earlier in the week. The energy space is modestly lower this morning as that sector can't catch a bid. Kodiak Oil and Gas and Chevron are lower on earnings. The financials are all modestly lower. Goldman is lower on an insider trading probe. MetLife is down 2% following earnings last night. Through the first hour the Dow gave up most of their gains falling back to the unchanged level, but the good news is the market doesn't want to go down. Resilient market. Through the morning and in the lunch hour the Dow slowly improved along with the Nasdaq up 17 points. The Nasdaq is up 3.5% in the last three days. In the afternoon the averages kept pushing higher inching closer to the highs of the year ready to finish April on a high note. In the last hour the averages ran out of steam, but still finished in the green. The Dow Jones Industrial Average finished up 23 points at 13,228. It added 1.5% for the week, its second straight weekly rise. The S&P 500 rose 3 points to 1,403 for a weekly gain of 1.8%. The Nasdaq Composite added 18 points to 3,069, rising 2.3% on the week.
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