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 steeply lower on Tuesday, with materials and consumer discretionary shares down the most, as credit and financial worries rose around the globe. The Dow Jones Industrial Average dropped 113 points to 10,276. The S&P 500 Index slid 11 points to 1,091, and the Nasdaq Composite Index declined 21 points to 2,168. A lot of mixed data this morning. FedEx is jumping 2% after lifting guidance last night. Talbots and Sanderson Farms are higher following earnings. In the tech sector Apple, Motorola, and Research in Motion are higher on upgrades. Xilinx is modestly higher after lifting guidance. The rest of the market doesn't look so good. 3M is lower following cautious guidance. Monsanto is lower after reaffirming guidance. McDonalds is lower after releasing November sales numbers. Krogers and Vail Resorts are lower following earnings. The commodities in general are trading lower with the U.S. dollar inching higher. The fertilizers continue to perform well. Agrium is up 3% on an upgrade. After the first hour the averages remained weak near the lows of the day. The financials are lower except for M&T Bank which was upgraded with a $85 price target. The healthcare sector has started to perform much better of late. Through the morning and into the afternoon, the averages remain weak including the financials. The U.S. dollar remained elevated sending gold and oil to new recent lows. That's good. In the last hour, no rebound. The Dow Jones Industrial Average finished down 104 points at 10,285. The S&P 500 Index shed 11 points to 1,091 while the Nasdaq Composite Index declined 16 points to 2,172.
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