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 on Wednesday on concerns the Federal Reserve might take a scaled approach to its delivery of quantitative easing measures. A stronger-than-expected report on orders for durable goods in September failed to turn the tide. The Dow Jones Industrial Average opened down 64 points to 11,104. The S&P 500 index dropped 7 points to 1,178. The Nasdaq Composite fell 7 points to 2,490. The earnings are mixed this morning. Companies trading lower following earnings include Panera Bread, Buffalo Wild Wing, Conoco Philips, Northrop Grumman, General Dynamic, Southern Company, Jones Group, Owens Corning, Sprint Nextel, Legg Mason, Office Depot, Whirlpool, Lazard, and Martha Stewart. A number of techs are trading higher following earnings. F5 Networks is jumping 12%, Broadcom is up 9%, and Novellus is up 2%. Netgear is jumping 10% on an upgrade. Research in Motion continues to perform well due in part to takeover speculation. Other companies trading higher following earnings include Dreamworks, Hess, Comcast, PG, International Paper, and Deutsche Bank. The financials are trying to battle back. Bank of America is up 2%. After the first hour the Dow fell 100 points. The Nasdaq declined 7 points. The commodities are getting hit after a nice run up yesterday. The financials remain one of the few sectors holding in there. The Dow fell as much as 140 points before rebounding. In the afternoon the averages slowly recovered. Entering the last hour the Dow was down less than a 100 points. A number of banks are looking better. The Nasdaq is inching back to the unchanged level. In the last hour the averages fought to recover most of the loses. The Dow Jones Industrial Average finished down 43 point to end at 11,126. The S&P 500 index fell 3 points to 1,182.45 while the Nasdaq Composite rose 5 points to end at 2,503.
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