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 surged Thursday in cheering quarterly results from corporations including Caterpillar, 3M, and UPS. The Dow Jones Industrial Average rose 206 points to 10,327. The S&P 500 gained 24 points to 1,094. The Nasdaq Composite gained 53 points to 2,240. The economic data out this morning was not flattering, but investors don't seem mind. It's a skitsofrantic market with 200 point swings in the Dow over the last three days. The earnings keep coming in better than expected. Caterpillar, 3M, and UPS are also raising guidance for the rest of the year. Other companies trading higher following earnings include Nucor, Union Pacific, Janus, Jetblue, Bristol Myers, AT&T, Xerox, Baidu, Xilinx, Ebay, Computer Associates, Raymond James, Qualcomm, Philip Morris, Suntrust, PNC, Eli Lilly, KeyCorp, Nokia, Tyco Electronics, Continential, Huntington Bancorp, and AutoNation. Not many stocks are trading lower following earnings which is a good sign. Diamond Offshore, Sherwin Williams, Starbucks, Netflix, Western Digital, BB&T, Hershey, and Travelers are lower after earnings. Travelers is the only Dow component trading lower. After the first hour the averages remain strong near the highs of the day. Who saw this rally coming after yesterdays' debacle? Through the morning the averages remain strong. Americredit is the diamond of the day jumping 22% after GM agreed to buy them out for $3.5 billion. I thought GM was bankrupt? Oh that's right, we bailed them out and this is how they pay us back? Great. In the afternoon the averages moved sideways near the highs of day. In the last hour the averages pulled back a liitle as the SEC said they would investigate the timing of Goldman Sachs' settlement with, the SEC. Confused? You should be. The Dow Jones Industrial Average finished up 201 points at 10,322 points, led by a 5.4% gain in Boeing shares. The S&P 500 added 24 points to 1,093, with all sectors higher. The Nasdaq Composite gained 58 points to 2,245 points.
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.