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 higher Tuesday, with the S&P 500 index surpassing 1,400 for the first time in three months, as quarterly earnings keep coming in better than expected. The Dow Jones Industrial Average added 54 points to 13,171. The S&P 500 index rose 6 points to 1,400. The Nasdaq Composite climbed 15 points to 3,005. A big part of the recent rally has to do with investor's optimism that central banks around the globe would move to bolster growth. On the earnings front, Chesapeake Energy is higher by 7% even though the company missed. The energy sector is coming back to life. CF Industries is modestly higher following earnings although the stock is way up this year. Agrium is jumping 2% on a downgrade. In the retail space, Fossil is jumping 30% on strong earnings even though the stock was clipped by 50% back in May on dismal earnings. Coach is also improving on a upgrade this morning after getting hit by 20% on earnings last week. Tyson Foods is modestly higher on earnings while CVS Caremark and Cablevision are unchanged on earnings. The financials look good. JP Morgan is jumping 4% breaking out of its' recent range. Goldman Sachs also looks good. Through the first hour the averages pushed higher with the Dow rising 80 points and the Nasdaq improving by 23 points. Apple and Google are in the red, but the rest of the sector looks good. NetApp is higher by 4% on an upgrade. NVidia is also higher on an upgrade. The medical space is under pressure this morning. Pfizer and Elan are lower on disappointing phase 3 results on an Alzheimer drug. The HMOs for once are trading higher. Through the morning the averages pulled back only to rally once again into the lunch hour. Healthcare and utilities are under pressure as it's a risk on day. In the afternoon the averages remained strong even as the healthcare, utilities, and consumer staples drifted lower. In the last hour similar to yesterday, the averages drifted off the highs into the close. The Dow Jones Industrial Average finished up 51 points at 13,168. The S&P 500 index rose 7 points to 1,401. The Nasdaq Composite advanced 25 points to 3,015.
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