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 higher on Monday after fresh data showed a big jump in Chinese exports in December. The Dow Jones Industrial Average added 17 points to 10,635. Alcoa is higher ahead of earnings tonight. Credit Suisse made positive comments this morning on the aluminum giant. The S&P 500 rose 3 points to 1,148 while the Nasdaq Composite Index climbed 4 points to 2,321. The stocks that performed well last week are continuing to perform well this week. Ford is at a new high as they start a Detroit car show this week. A select number of techs are performing well. Corning, Intel, Netgear, Seagate, and McAfee are all higher thanks to upgrades. The recent highflyers like Google, Apple, IBM, Research in Motion, and Amazon are lower. The financials are quiet this morning. Collins Stewart upgraded a number of big banks like Bank of America, Wells Fargo, Fifth Third, and Suntrust. In the retail space Buffalo Wild Wing, Chipotle Mexican Grill, Ruth Chris Steakhouse, Talbots, Panera Bread, and Fossil are higher on upgrades. Childrens' Place, Disney, and Deckers Outdoors were upgraded, but are trading lower. Abercrombie & Fitch is down 3% on a downgrade. After the first hour the averages remained quiet near the unchanged level. The commodities continue to perform well. Citigroup upgraded BP, Chevron, and Petrobras. Jefferies made positive comments on the healthcare sector. The big HMOs like Unitedhealth Group and Wellpoint are trading higher. Through the morning and into the afternoon the Dow moved back in the green. The Nasdaq remained in the red due to the big tech stocks. In the last hour the Dow improved rallying 50 points. The Nasdaq recovered most of its' losses. The Dow Jones Industrial Average finished up 45 points at 10,663. The S&P 500 gained 2 points to 1,146 while the Nasdaq Composite Index fell 4 points to 2,312.
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