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 mildly higher on Tuesday, extending the prior sessions modest gains. The Dow Jones Industrial Average rose 21 points to 8,137. Verizon is leading the blue chip average higher on better than expected earnings. DuPont and Verizon are lower following earnings. The S&P 500 gained 3 points to 839 while the Nasdaq Composite added 5 points to 1,495. Plenty of earnings last night and this morning. In the tech sector Qlogic, VMware, Texas Instruments, EMC, Corning, Lexmark, and Tellabs all reported. Texas Instruments, Tellabs, and Lexmark are higher, but VMware and Corning are lower. In the commodity space, Nucor, AK Steel, U.S. Steel, Valero, DuPont, and Freeport McMoRan all reported. The stocks are mixed. The financials are modestly higher. Travelers is up 6% on solid earnings. Other companies reporting earnings include Amgen, Hershey, Delta Airlines, and Bristol Myers. Bristol is up 3% while Delta is down 18%. After the first half an hour and hour, the averages were back to the unchanged level. Oil and commodities reversed course. Entering the lunch hour the averages were back in the green and remained in the green in the afternoon. The steel stocks look good. The big cap techs look pretty good. A select number of financials look good. A regional bank, Zions Bancorp is up 16% on earnings. In the last hour, the averages were able to remain in the green similar to yesterday. The Dow Jones Industrial Average finished up 58 points at 8,174. The S&P 500 added 9 points to 845, while the Nasdaq Composite rose 15 points to 1,504.
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