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 open lower on Tuesday amid worries of the growing threat of the swine flu and a leak that Citigroup and Bank of America need to raise more capital after failing the government's so-called stress tests. The Dow Jones Industrial Average fell 75 points to 7,949. The S&P 500 declined 8 points to 848, while the Nasdaq Composite shed 15 points to 1,663. Citigroup and Bank of America are leading the financials lower. Franklin Resources is lower by 4% after missing estimates by 14 cents. In Europe, Deutsche Bank had solid earnings results, however, the stock is down by 6%. In the retail sector, Office Depot and Under Armour are higher after beating earnings estimates. Fortune Brands cut their dividend, but raised forecasts for next quarter. The stock is jumping 6%. Other earnings reports are coming in from Valero, Bristol Myers, Pfizer, and Coventry Health. All four are modestly higher. In the tech sector, IBM is boosting its dividend by 10% and announcing an increase of $3 billion to its buy back. The stock is up 1%. After the first hour, the averages were back to the unchanged level. The financials remain weak. Through the morning and into the afternoon, the averages remained near the unchanged level, sneaking into the green. Many of the financials improved except for Bank of America and Citigroup. The averages started to rally in the middle of the afternoon only to sell off in the last hour. Bank of America is back at its low of the day ahead of their annual meeting tomorrow. Many investors are called for the head of the CEO. We'll see tomorrow if he gets to keep it. The Dow Jones Industrial Average finished down 8 points at 8,033. The S&P 500 Index fell a point to 856. The Nasdaq Composite dropped 4 points to 1,674.
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