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 Wednesday as investors took back some of September's robust gains heading into the end of the quarter. The Dow Jones Industrial Average fell 14 points to 10,845. HP is one of the few Dow Components trading higher after raising guidance last night. The S&P 500 Index fell 2 points to 1,145. The Nasdaq Composite dipped 35 cents to 2,379. A couple of companies reporting earnings. Sealy is dropping 11% on a third quarter loss. Family Dollar actually looks good following better than expected earnings. Green Mountain Coffee is the dog of the day down 16% on an SEC inquiry into their accounting. After the first half an hour the averages remain in the red. The techs look the best with Apple and Google in the green. IBM is making new highs this morning. Even Research in Motion is higher by 2%. Jabil Circuit is up 3% on an upgrade. The financials are modestly lower once again. Prudential is higher on rumors they are close to buying AIG's Japanese unit. Barclays is lower even though their CEO stated they do not need any new money. Morgan Stanley is lower after getting their estimates cut. The commodities are modestly lower, but holding firm. Cliffs Natural Resources is up 1.5%. After the first hour the averages remain in the red with not a lot of volatility. During the lunch hour the averages moved to the unchanged level and hugged that level through the afternoon. Railroad company CSX is raising their dividend. That's a good sign. The stock is not reacting much. FedEx is performing well after announcing they will raise rates on some deliveries. In the last hour the averages sold back off when the U.S. dollar rallied. But into the close, the averages recovered off the lows. Resilient market. The Dow Jones Industrial Average finished down 22 points at 10,835. The S&P 500 index dropped 2 points to 1,144. The Nasdaq Composite lost 3 points to 2,376.
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