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 modestly lower on Wednesday as investors tracked the euro, which rebounded off a four-year low. The Dow Jones Industrial Average fell 45 points to 10,465. The S&P 500 Index declined 4 points to 1,116. The Nasdaq Composite dropped 6 points to 2,311. The averages are lower, but a number of stocks are higher. In the retail space Deere is jumping 3% on blow out earnings. Target, BJs, and DirecTV are higher following earnings. Macys, JC Penney, Dreamworks, and Dicks are higher on upgrades. Chicos, Polo, and Hormel Foods are lower following earnings. Under Armour and TJX are lower on downgrades. A number of banks are modestly higher thanks to easing concerns regarding the financial reform package. The techs opened higher thanks to strong earnings from HP, but then sold off. Google pushes lower. Intel was upgraded, but the stock is lower. HP and Analog Devices remain higher following earnings. The commodities are weak. The fertilizers were upgraded, but the stocks are lower. Gold and oil are lower as well. In the first hour the averages recovered their losses and then sold off to new lows. Through the morning the averages remained weak with only a hand full of banks, drug stocks, and techs in the green. In the afternoon the averages remained weak, but off the lows. The financials have perked up as the Senate delays the vote of the bank reform. In the last hour the averages kept recovering led by the financials. The Dow Jones Industrial Average finished down 66 points, or 0.6%, at 10,444. The S&P 500 fell 5 points to 1,115. The Nasdaq Composite slid 18 points to 2,298.
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