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 started lower on Tuesday after two days of gains. Investors are anticipating the minutes from the Federal Reserve's last policy meeting to be released this afternoon. The Dow Jones Industrial Average fell 37 points to 10,935. The S&P 500 Index declined 3 points to 1,183. The Nasdaq Composite Index lapsed 9 points to 2,420. Nothing really looks good this morning. A number of upgrades in the tech sector, but it isn't helping. Intel, Cisco Systems, Nvidia, and Google received upgrades, but all four are lower. Research in Motion is rebounding following a number of down days. The financials opened lower, but are battling back. Regions Financial is up 3% on an upgrade. Wells Fargo upgraded the big banks. Morgan Stanley and Goldman Sachs had their numbers cut once again. On the earnings front, Auto Nation is up 2% after better than expected numbers. After the first hour the averages remain in the red, but not by much. Disney made a new 52 week high on an upgrade this morning. The dog of the day goes to Massey Energy. The stock is down 9% after an explosion in one of their West Virginia mines killed 25 workers. Through the morning the averages slowly recovered. The Russell 2000, S&P Mid-Cap 400, S&P 500, and the financial index are all making new 52 week highs. In the afternoon the averages turned to the green. The financials still look good. In the last hour the Dow gave up it's gains. The Dow Jones Industrial Average finished down 3 points at 10,969. The S&P 500 index rose 2 points to 1,189. The financials sector led the gains on the broad index, rising 1%. The technology-heavy Nasdaq Composite rose 7 points to 2,436.
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