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 modestly ahead Tuesday with volatility expected to continue as Wall Street tracked developments related to the European financial crisis. Making a mild comeback after the prior day's sharp drop, the Dow Jones Industrial Average rose 22 points to 12,432. The S&P 500 added a point to 1,310. The Nasdaq Composite climbed 10 points to 2,820. A nice rebound after a disastrous Monday. The news on the corporate front is quiet once again. Retailer, Michael Kors is jumping 5% on better than expected earnings. Under Armour and Urban Outfitters are higher on upgrades. Dicks was downgraded, but the stock is higher. The financials are rebounding except for PNC Bank. PNC is down 2% on news they will be buying back more bad loans. Capstead Mortgage is down 2% after cutting their dividend. Blackstone and Legg Mason are higher on positive comments. Citigroup is up 2% even though it was downgraded. In the tech space Qualcomm and Broadcom are higher on upgrades. Texas Instruments is higher by 2% after reaffirming their mid-quarter update. Fusion-io is higher by 3% after accelerating their production of Cisco blade servers. Google is lower once again thanks to news yesterday that Apple will use their 3D maps going forward. Microsoft, Dell, and HP are modestly higher on positive comments about Windows 8. Through the first hour the averages tried to rally a couple times with limited success. The energy, materials, and industrials are holding up. Through the morning the averages sold off only to rebound into the lunch hour thanks to positive comments about the pending Greek election this weekend. The Dow rose 100 points while the Nasdaq improved by 20 points. Only the utilities are under pressure this morning. In the afternoon the averages kept pushing higher wiping out a large portion of the losses from yesterday thanks in part to a rally in the Euro verse the US dollar. In the last hour the averages kept improving closing at the highs of the day. This was the rally everyone was expecting yesterday. The Dow Jones Industrial Average finished up 162 points, or 1.3%, at 12,573. The S&P 500 Index added 15 points, or 1.2%, to 1,324, leaving it 0.1% off for the week so far. The Nasdaq Composite (comp) advanced 33 points, or 1.2%, to 2,843.
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