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. stock indexes rise modestly on Tuesday's start, with Goldman Sachs and many other firms reporting better than expected earnings. Investors will also be awaiting the Federal Reserve Chairman Ben Bernanke testimony to Congress at 10 o'clock. The Dow Jones Industrial Average rose 61 points to 12,788. The S&P 500 index climbed 6 points to 1,360. The Nasdaq Composite advanced 15 points to 2,912. The earnings are starting to flood in. Charles Schwab, Coke, Mattel, Forest Labs, M&T Bank, Ameritrade, Comerica, Mosaic, and Goldman Sachs are all trading higher following earnings. Mattel is the diamond up 10%. Unfortunately, a few stocks are lower following earnings. JB Hunt, McMoRan, and J&J are lower after missing estimates. In the retail space, things are mixed. Mattress Firm is down 15% after lowering guidance. All the mattress firms are lower including Tempur Pedic. JC Penney, Home Depot, Lowes, and Deere are lower on downgrades. Urban Outfitter, Disney, Aeropostale, and Chipotle Mexican Grill are higher on upgrades. Through the first half an hour the averages drifted lower led by financials. At 10 o'clock, the averages fell into the red following the release of the Fed minutes detailing slowing global growth and uncertainty concerning Europe. After the first hour the averages rebounded to the unchanged level thanks to strength in healthcare, materials, and consumer staples. Gilead Sciences is higher on an upgrade. Amgen, Merck, and Pfizer are trading at new 52 week highs.
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