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 on Friday opened lower after the Commerce Department reported a disappointing decline in August orders for durable goods. The Dow Jones Industrial Average fell 25 points to 9,682. The S&P 500 Index dropped 3 points to 1,046. The Nasdaq Composite shed 11 points to 2,095. Besides the disappointing economic data, Research in Motion is adding to the weakness following last night's earnings and lower than expected guidance. Research in Motion is down 14% on the open, dragging the techs with it. HP is modestly lower after offering in line guidance, but LSI Logic is up 2% on an upgrade. Palm is modestly higher after reaffirming guidance. After the first half an hour the techs rebounded along with the averages thanks to better than expected consumer sentiment data. The financials are holding firm this morning. Home builder, KB Homes is down 7% on disappointing earnings. The commodities opened lower, but then rebounded with the averages. In the retail space, Finish Line is up 8% on earnings. Christopher & Banks is unchanged after beating estimates. McDonalds is up a percent after raising their dividend. Lowes is lower on a downgrade. Through the morning the averages moved back down. It looks like some profit-taking heading into the end of the quarter. Entering the last hour the averages tried to get back to the unchanged level, but failed. The Dow Jones Industrial Average finished down 42 points at 9,665, giving it a weekly loss of 1.6%. The S&P 500 declined 6 points to 1,044, off 2.2% from the week-ago close. The Nasdaq Composite slumped 16 points to 2,090, a weekly loss of 2%.
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