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.
Up, up, and away. U.S. stocks received another boost early on Monday after a better-than-expected report on U.S. manufacturing fueled further optimism following similar global economic signals overnight. The Dow Jones Industrial Average jumped 86 points to 9,245. The S&P 500 index gained 9 points to 996, while the Nasdaq Composite rose 15 points to 1,993. Everything looks good. The financials are performing. CNA Financial is up 12% on earnings while HSBC is up 7% on earnings. Discover Financial is up 4% on an upgrade. Bank of America is up 4% following a good week last week. The techs are performing well. Ebay is up 4% after receiving the cover of Barrons. Nvidia and Cisco Systems are both up 2% on upgrades. Google is up 2% to new recent highs. Their CEO is resigning from the Apple board of directors. Other earnings are coming in from Molson Coors, MGM, Marathon Oil, Loews, and Humana. All five are up more than 2%. Tyson Foods is lower by 4% after beating estimates. Clorox is down by 3% after maintaining guidance. After the first hour, the Dow rose over 100 points. The S&P 500 touched 1000 for the first time since November and the Nasdaq rose 20 points. Everyone is saying that this market needs to pull back which it should, but it doesn't seem to want to, not yet. Through the morning the averages tried to sell off, but it didn't last. In the afternoon the Dow jumped back above 100 points. The Nasdaq rose 26 points above 2000. In the last hour, no sell off. Resilient. The Dow Jones Industrial Average finished up 114 points, or 1.3%, at 9,286, its highest close since November 4th. The S&P 500 index rose 15 points, or 1.5%, to end at 1,002, also its highest close since Nov. 4th. The Nasdaq Composite gained 30, or 1.5%, to end at 2,008, its highest close since Oct. 1st.
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