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 slightly higher on Wednesday, as gains in financial shares and energy helped offset continued worries about the global economy. The Dow Jones Industrial Average gained 20 points to 9,767 led by a 1.7% gain in shares of Cisco Systems. The S&P 500 index rose 4 points to 1,032. The Nasdaq Composite rose 14 points to 2,108. Leading the financial sector, shares of State Street rose 10% after the bank said the second-quarter earnings would beat estimates. Bank of New York Mellon is up 4% after announcing a joint venture with a Chinese bank. PNC and Jefferies are higher on upgrades. Oil driller, BP is up 2.6% on news the CEO went to Abu Dhabi to possibly raise capital or take a vacation. Diamond Offshore is higher even though the company was upgraded. After the first half an hour the averages pushed higher. The Dow rose 70 points. The Nasdaq rose 20 points. In the tech space Apple, Atmel, Texas Instruments, EMC, and Fairchild Semi are all higher on upgrades. Google is higher even though they had their price target cut. After the first hour, the Dow rose 100 points. The Nasdaq rose 24 points. So far so good. Through the morning the averages slowly improved. During the lunch hour a minor pullback only spurred more investors to jump in. By the middle of the afternoon the Dow was up 180 points. The Nasdaq rose 40 points. Through the afternoon into the close the averages pushed higher rising about 10,000 for the first time in two weeks. The Dow Jones Industrial Average finished up 275 points, or 2.8%, to close at 10,018, marking the largest one-day point gain in the index since May 27. The S&P 500 rose 3.1% or 32 points to close at 1,060, and the Nasdaq advanced 65 points or 3.1% to close at 2,159.
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