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 offered an opening dip on Wednesday with no economic data to drive momentum. Not far from the 11,000 level, the Dow Jones Industrial Average has been range-bound in recent days. On Wednesday, the Dow fell 37 points to 10,932. The S&P 500 Index declined 3 points to 1,186. The Nasdaq Composite Index declined 5 points to 2,431. One sector that continues to perform well are the banks, in particular the regional banks. KeyCorp is up 4% on an upgrade. Suntrust is higher on an upgrade as well. M&T Bank is modestly lower following cautious comments from Barrons Online. The techs are quiet this morning. Apple, Cisco, Dell, and Research in Motion are modestly higher. Nokia, NCR, and EMC are higher on upgrades. On the earnings front, Family Dollar is up 4% following earnings. Monsanto and Greenbrier are modestly lower following earnings. After the first half an hour the Dow remained in the red, but the Nasdaq was unchanged. As the morning progressed, the Dow declined further. Dow 11,000 is looking like resistance. The Nasdaq fell back into the red. Heading into the lunch hour the Nasdaq rebounded to the unchanged level. The Dow is recovering, but remains in the red. The commodities are weak today. In the afternoon, one Fed official made comments that they should be raising rates. Those commentws gave investors a perfect opportunity to take some profits. The Dow dropped over 100 points before recovering in the last hour. The Dow Jones Industrial Average finished down 72 points at 10,897. The S&P 500 dropped 6 points to 1,182. The Nasdaq Composite declined 5 points to 2,431.
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