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 firmly higher on Monday, lifted by hopes of global recovery after an upbeat economic report from the euro zone. The Dow Jones Industrial Average gained 62 points to 10,263, lifted by gains in shares of aluminum giant Alcoa and equipment-maker Caterpillar. The S&P 500 index rose 6 points to 1,097, with the industrials sector leading the gains. The Nasdaq Composite rose 19 points to 2,262. The techs are looking good, including the chip space. Both Intel and Sandisk are higher thanks to positive comments in Barrons. Sandisk is up 6%. Google is higher even though they had their price target cut at Caris. Apple is higher of course. Many of the commodities are performing well including Freeport McMoRan up 2.3%. Cliffs Natural Resources is up 2.3% on positive analyst comments. Suncor is up 2% after agreeing to sell their stake in Petro-Canada for $582 million. Mosaic is modestly higher on rumors they are looking to acquire a Mexican fertilizer firm. One commodity not participating is BP down 5%. One sector not participating is the financial sector on more concerns of the banking reform bill. After the first half an hour the averages remain strong not far from the highs of the day. Through the morning and into the lunch hour the averages remain strong. The financial sector continues to struggle. Through the afternoon the rally started to fizzle. In the last hour the averages fell into the red. No volume or interest in this market. The Dow Jones Industrial Average finished down 20 points to 10,190, after trading as high as 10,328. The S&P 500 index fell 2 points to 1,089, hit by a 1% drop in its materials sector and a 0.7% drop in financials. The Nasdaq Composite closed up 36 cents at 2,243.
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