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 lower on Monday with a rising dollar hitting commodities and related stocks. The Dow Jones Industrial Average fell 34 points to 10,707. Boeing is one of the few Dow components higher thanks to an upgrade. The S&P 500 Index declined 5 points to 1,154, with health care the only rising sector of its 10 industry groups. The Nasdaq Composite Index dipped 11 points to 2,363. The fact that the healthcare sector is trading higher is not a good sign that this bill will attack the cost structure. After the open the rest of the market improved. In the tech sector, the chips continue to perform well. Google received an upgrade, but the stock is lower. Akamai is down 2% on a downgrade. The financials opened lower, but then recovered. Citigroup is higher on an upgrade. Mastercard was upgraded, but the stock is lower. Manulife is down 2% after lowering estimates. The retail sector is mixed. Office Max is down 3% on a downgrade. Tiffanys is down 3% after missing estimates. William Sonoma is up 7% after beating estimates and raising guidance. Urban Outfitters and Gamestop are higher on upgrades. After the first hour the Dow rose 40 points. The Nasdaq rose 10 points. Can't keep this market down. Through the morning and into the afternoon the averages pushed higher. The Dow rose 60 points above 10,800. Chevron and Coke are the only two Dow components trading lower. The Nasdaq is up 24 points. Google is higher even though they are redirecting their Chinese website to their Hong Kong site. In the last hour the averages gave up some of their gains. The Dow Jones Industrial Average finished up 43 points at 10,785. The S&P 500 Index climbed 5 points to 1,165. The Nasdaq Composite Index gained 20 points to 2,395.
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