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 modestly higher following government data indicating that economic growth in the third quarter was not as strong as initially forecasted. The Dow Jones Industrial Average gained 40 points to 10,454. The S&P 500 Index added 4 points to 1,118. The Nasdaq Composite rose 10 points to 2,248. The techs are in the lead this morning with Progressive Software jumping 8% after beating estimates. Google made a new high this morning thanks to an upgrade from Goldman Sachs. AOL is modestly higher on an upgrade. Yahoo is modestly higher even though they are shutting down non-essential operations for the rest of the month. That's not good. Research in Motion opened higher, but then sold off. One analyst made cautious comments. Rival Apple continues to perform well, touching $200 once again. In the retail space Hasbro, Briggs & Stratton, Starbucks, MeadWestvaco, and Bed Bath & Beyond are all higher on upgrades. The financials are modestly higher. State Street is up 3% after making a $1.87 billion acquisition. Piper Jaffray is up 2% on an upgrade. After the first hour the averages remained strong near the highs of the day. In the afternoon the averages remained where they started, but a number of stocks are selling off. A number of the financials and commodities pulled back. Research in Motion dropped 3.5%. That's not good. In the last hour, no changes. The Dow Jones Industrial Average finished up 50 points to 10,464. The S&P 500 Index climbed 3 points to 1,118. The Nasdaq Composite Index added 15 points to 2,252.
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