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 turned lower after a mildly higher start, with investors digesting news that the U.S. Treasury would extend the TARP program through next October. Information technology shares weighed the most, while the health care sector offered limited gains. The Dow Jones Industrial Average fell 25 points to 10,260. The S&P 500 Index declined 3 points to 1,088. The Nasdaq Composite shed 11 points to 2,161. The healthcare sector continues to improve as Congress moves away from the public option. The financials are modestly lower. Legg Mason is down thanks to cautious comments from an analyst. In the tech sector, Texas Instruments raised guidance last night indicating that demand is very strong, however the stock is lower. Xilinx, NSM, and Google were upgraded, yet all three are lower. Corning made positive comments, yet that stock is lower as well. The telecomm related stocks are performing well. Apple, Research in Motion, Real Networks, and Sprint are all higher. Sprint is up 9% on an upgrade. After the first hour the averages remain in the red, but not by much. Two Dow components 3M and Pfizer are higher following upgrades.
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