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 under pressure on Tuesday, after leaping to 13-month highs in the previous session. The dollar bounced back slightly from 15-month lows, pressuring commodities and related sectors, such as energy, which had rallied on Monday. In early action, the Dow Jones Industrial Average fell 6 points to 10,400. The S&P 500 index dropped a point to 1,107 while the Nasdaq Composite fell 3 points to 2,194. The earnings today are better than expected, but the guidance isn't that great. TJX, Target, and Home Depot are lower following earnings. Pacific Sunwear is the dog of the day down 30% due to cautious comments. Another dog this morning goes to Sunpower down 17% on accounting issues. That's not good. A number of retailers are higher following earnings including Saks and Dillard. Both are up over 7%. In the tech space, Palm is up 5% on an upgrade. Motorola is modestly higher thanks to an upgrade. Apple and Research in Motion are also trading higher. A good day for the smart phone providers. The financials are modestly lower today. Discover was upgraded, yet the stock is modestly lower. In the healthcare space, Covidien is jumping 5% after beating estimates. In the commodity space Devon Energy and ExxonMobil are both higher on upgrades. After the first half an hour the Dow was down 13 points while the Nasdaq declined 4 points. Through the morning the U.S. dollar remained higher keeping the major averages in the red. In the afternoon the averages remained quiet until the last hour when they nudged into the green thanks to the commodities and techs, but not the financials. The Dow Jones Industrial Average finished at 10,437 up 30 points for the day. The S&P 500 Index added a point to 1,110. The Nasdaq Composite rose 5 points to 2,203.
All comments contained herein are for informational purposes only, and should not be considered as a solicitation to buy or sell any security. The firm does not guarantee the accuracy or completeness of the information or make any warranties regarding results from it's usage.