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 lower Tuesday, starting a holiday-cut week with new worries about the health of Europe's banks unsettling investors. The Dow Jones Industrial Average fell 45 points to 10,401. The S&P 500 slid 6 points to 1,097. The Nasdaq Composite declined 8 points to 2,225. A quiet morning for news. HP CEO that was fired last month for current issues was hired by Oracle over the weekend. Oracle's stock is jumping 6% thanks to an upgrade at Goldman. A couple of other stocks were upgraded this morning including Nokia, Schlumberger, Priceline, Sanderson Farms, Brinker International, and Cheesecake Factory. Nokia and Sanderson Farms are both up over 2.5%. Schlumberger and Priceline are modestly lower. After the first half an hour the averages pushed lower with the Dow dropping 80 points and the Nasdaq declining 16 points. The financials are weak after a nice run up last week. The techs are weak as well. Nothing really looks good this morning. Through the morning the averages remained weak with very few stocks in the green. In the afternoon the averages did not improve with the Dow dropping over 100 points with only three Dow components in the green. The best performing Dow stock is McDonalds up a percent at a new 52 week high. The smoothies are hot at McDonalds. In the last hour the averages actually closed near the lows of the day. Not a good way to start the day. The Dow Industrials finished down 107 points, or 1%, at 10,340, led lower by a 4% drop in shares of American Express. The S&P 500 index lost 12 points, or 1.2%, to 1,091, weighed down by a 2.4% drop in the financial sector. The Nasdaq Composite fell 24 points, or 1.1%, to 2,208.
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