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 shot higher to start the month of June thanks to positive data including update manufacturing results from China and a smaller-than-anticipated dip in U.S. consumer spending. The Dow Jones Industrial Average climbed 107 points to 8,607. A big shake up within the Dow. General Motors and Citigroup will soon be replaced within the index with Cisco Systems and Travelers. The S&P 500 added 11 points to 931 and the Nasdaq Composite rose 22 points to 1,796. GM is trading modestly lower after filing for Chapter 11 today. GM is also announcing more layoffs for later in the year. Other than that, the markets look really good. The techs are strong. Cisco is jumping 4% on news they will soon be added to the Dow. Broadcom and Yahoo are higher thanks to upgrades. Apple, Research in Motion, and Google are continiuing to push higher. The financials are modestly higher. American Express is up 5% on an upgrade. Suntrust is modestly lower. The bank will be issuing $1.4 billion in new common stock. The retailers are acting great. Abercrombie and Fitch is higher by 6% thanks to an upgrade. After the first hour, the Dow rose nearly 200 points to 8700. The Nasdaq shot up 45 points. So far so good. Through the morning the averages remained strong near the highs of the day. In the afternoon, more of the same. Entering the last hour, the Dow jumped over 220 points. The Nasdaq rose 55 points. A great start to June. The Dow Jones Industrial Average finished up 221 points, or 2.6%, to end at 8,721. The S&P 500 index rose 23 points, or 2.6%, to 942, while the Nasdaq Composite gained 54 points, or 3%, to 1,828.
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