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. stock indexes on Tuesday opened mildly ahead, with equities drawing a slight lift from a monthly rise in U.S. home prices. The Dow Jones Industrial Average added 15 points to 9804. The S&P 500 Index gained 2 points to 1,065. The Nasdaq Composite rose 3 points to 2,134. Plenty of good news this morning. Publishing company, Gannett is up 17% on bullish comments. Retailer, Big 5 Sporting Goods is up 4% on news the company sees quarterly earnings at the high end of guidance. A number of upgrades in the retail sector including Polo, Xerox, Coke, and JC Penney. The financials are modestly higher. Citigroup is up 3% on an upgrade. Mastercard is up 2% on an upgrade. Regional banks Huntington Bancshares, US Bancorp, and Jefferies are higher on upgrades. At 10 o'clock weaker than expected consumer confidence sent the averages into the red. Only a select number of techs and financials remain in the green. HP and Broadcom are modestly higher on upgrades. Dell is lower even though the company made bullish comments on their business in China. Through the morning and into the afternoon, the averages hovered around the unchanged level. In the last hour the averages drifted lower on light volume. It looks like most money managers are sitting on their hands ahead of the quarter end tomorrow. The Dow Jones Industrial Average finished down 47 points at 9,742. The S&P 500 Index dropped 2 points to 1,060, while the tech-laden Nasdaq Composite declined 6 points to 2,124.
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