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 on Tuesday thanks in part to better than expected factory and retail sales numbers. The Dow Jones Industrial Average rose 62 points to 10,253. The S&P 500 Index climbed 7 points to 1,097. The Nasdaq Composite gained 15 points to 2,259. The broader market looks pretty good. In the tech space, Research in Motion looks good for once ahead of earnings next week. The stock is up 3%. Google and Apple look good. Sandisk is up 2% today following a good day yesterday. Salesforce.com is up 2% on an upgrade. Amazon and VMware are higher on upgrades. The financials are modestly higher on analyst comments indicating the sector is oversold. T Rowe Price is up 2% on an upgrade. Lincoln National is higher even though they are raising capital. Annaly Mortgage is lower on a downgrade. The commodities are trading higher. Fertilizer stocks are higher on upgrades. Rowan is up 2% on an upgrade. BP opened higher, then sold off. Fitch downgraded their debt. Nucor is lower by 2% after lowering guidance for the quarter. Noble Energy is lower on a downgrade. The dog of the day comes from the retail space. Best Buy is down 7% after missing estimates by a wide margin. That's not good. Finish Line is higher on an upgrade. Lowes and Home Depot are modestly lower on downgrades. After the first half an hour the averages remain strong. So far so good. Through the morning into the lunch hour the averages continued to improve. The Dow jumped 130 points led by Boeing, Caterpillar, Disney, and Microsoft. The techs look great with the Nasdaq up 40 points. Research in Motion and Dell are up 4%. Texas Instruments and Microsoft are up 3%. The markets are starting to act better.
All comments contained herein are for informational purposes only, and should not be considered as a solicitation to buy or sell any security. The firm does not guarantee the accuracy or completeness of the information or make any warranties regarding results from it's usage.