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 slightly lower today which is 09/09/09. Very little news to move the markets this morning. Wallstreet awaits the assessment of the economy by the Federal Reserve minutes later this afternoon. The Dow Jones Industrial Average fell 13 points to 9,487. Among the Dow components, shares of McDonald's are trading lower by 2% following 2% global sales growth. The S&P 500 fell 50 cents to 1,024 while the Nasdaq Composite dropped 3 points to 2,034. On the earnings front Pep Boys and Talbots both beat estimates. Pep Boys is down 5% while Talbots is up 5%. In the tech sector, Intel and Cisco Systems are higher on upgrades. Palm is down 5% on a downgrade. Altera is down 5% even though they upped guidance. The financials are modestly higher. Capital One, Mastercard, and Morgan Stanley were all upgraded. The Dow Transports are higher. UPS is higher on an upgrade. After the first half an hour the averages improved, moving into the green. The diamond of the day goes to Vivus on positive obesity drug results. Through the morning and into the afternoon the averages remained in the green. At 2 o'clock the Fed released their minutes with no surprises. The Fed sees the economy stabilizing which sounds good, but the averages drifted lower following this data. In the last hour, the averages rebounded. Very resilient. The Dow Jones Industrial Average finished up 49 points to 9,547. The S&P 500 advanced 7 points to 1,033. The Nasdaq Composite added 22 points to end at 2,060.
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