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 Friday as Federal Reserve Chairman Ben Bernanke reassured investors that further monetary easing is ahead and the economic data demonstrated an ongoing improvement with benign inflation. The Dow Jones Industrial Average rose 28 points to 11,122. The S&P 500 climbed 5 points to 1,179. The Nasdaq Composite advanced 23 points to 2,458. One of the winners this morning is Google up 10% following better than expected earnings. Google has received numerous upgrades today. Apple continues to perform great now solidly above $300 a share to new highs. AMD, JB Hunt, and Charles Schwab are higher following earnings. First Horizon and Mattel are down over 4% following earnings. After the first half an hour the Dow fell into the red led by the financials. Bank of America and JP Morgan are both down over 4%. Bank of America is at a new 52 week low. That's not good. GE is down 4% following earnings this morning. Capital One is down 3.5% on a downgrade. After the first hour the Dow remained in the red down 50 points. Even with the weakness, three Dow components IBM, Altria, and McDonalds made new 52 week highs this morning. The Nasdaq remains in the green thanks to Google and Apple. Through the morning and into the afternoon the Dow remained in the red due to the financials. The Techs remain in the green. In the last hour the Nasdaq kept improving led by Apple and Google. The Dow is getting weighed down by the financials. The Dow Jones Industrial Average finished down 31 points at 11,062, weighed down by shares of General Electric off 5% after the conglomerates earnings disappointed. The S&P 500 index rose 2 points to 1,176, and the Nasdaq Composite gained 33 points or 1.4% to 2,468. For the week, the Dow gained 0.5%, the S&P rose 1%, and the Nasdaq jumped 2.8%.
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