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 solidly higher on Thursday, regaining some traction after a 4% slide in the last two weeks. A better than expected third quarter GDP number of 3.5% ease many fears of a slower than expected economic rebound. The Dow Jones Industrial Average rose 58 points to 9,820. ExxonMobil is one of the few Dow components trading lower following earnings. P&G is shooting up 3% on solid earning. The S&P 500 Index gained 7 points to 1,049 while the Nasdaq Composite rose 15 points to 2,075. Everything looks pretty good this morning. The financials are rebounding nicely. Lincoln Finanical is up 11% on better than expected earnings. Aflac is up 4% on solid earnings. Annaly Mortgage is up 3% on better than expected earnings. The techs are rebounding nicely. Symantec, Akamai, and Motorola are all up 10% following earnings. Intel and Texas Instruments were downgraded yesterday. Today they were upgraded. LSI Logic is up 7% thanks to better than expected earnings. After the first half an hour the Dow jumped another 50 points, now up 100 points. Nice rebound. The Nasdaq rose 30 points. Plenty of other earnings this morning from Apache, Kellogg, Noble Energy, Waste Management, Office Depot, Newmont Mining, Aetna, and Pride International. All are trading higher. A few stocks are modestly lower following earnings including Auto Nation, Burger King, and Sprint/Nextel. Through the morning the averages remained strong near the highs of the day.
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