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, with financials fronting the cross-sector gains, with sentiment lifted after European leaders reached accord on a rescue plan for Greece. The Dow Jones Industrial Average added 31 points to 10,872. The S&P 500 Index rose 4 points to 1,169. The Nasdaq Composite Index climbed 11 points to 2,408. The big banks continue to perform well. Bank of America, JP Morgan, Wells Fargo are all higher thanks to upgrades. Sallie Mae is up 5% on an upgrade. The mortgage insurers are performing well thanks to news more and more banks are reducing mortgage principle to help homeowners. REIT, Allied Capital is up 2% after agreeing to a takeover. Goldman Sachs is one of the few big banks lower on a downgrade. The techs continue to perform well. Apple is at another new high thanks to an upgrade. Palm, Research in Motion, and Nokia are higher on upgrades. Qualcomm is lower even though it was upgraded. In the retail space Best Buy, Coach, and Urban Outfitters are higher on upgrades. Radio Shack is jumping 7% on takeover rumors. Commodities are performing well. Cliffs Resources is jumping 2% on an upgrade. The stock is up over 10% in the last week after we featured it on LeighBaldwin.com. Afetr the first hour the Dow rose 65 points back above 10,900. The Nasdaq rose 15 points. As the morning progressed, the averages driffed lower, giving up most of their gains. After the lunch hour the averages fell into the red, but then rebounded heading into the last hour. In the last hour the averages hugged the flatline. The Dow Jones Industrial Average finished up 9 points at 10,850, leaving it 1% higher than the week-ago finish. The S&P 500 Index added nearly a point to 1,166, leaving it up 0.6% for the week, while the Nasdaq Composite Index fell 2 points to 2,395, a level that translates into a weekly rise of 0.9%.
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