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 Tuesday, with a compromise on extending tax cuts bolstering sentiment and removing the threat of larger tax withholdings heading into January. "Santa has definitely arrived," Marc Pado, U.S. market strategist at Cantor Fitzgerald, wrote in a research note. The Dow Jones Industrial Average rose 84 points to 11,447. Only 3M is lower within the Dow even though they reaffirmed earnings guidance. The S&P 500 Index added 11 points to 1,234. The Nasdaq Composite climbed 25 points to 2,620. All three major averages are breaking out to new recent highs. Commodities are on a roll. Oil is pushing to $90 a barrel. Gold, Silver, and Copper continue to perform well. Yamana Gold is higher on an upgrade. Freeport McMoran is trading at another new high. Silver Wheaton made a new high on an upgrade. The techs are performing well. Google is jumping 2% thanks in part to an upgrade. Apple made another new high. Jabil Circuit is up 5% on an upgrade. Research in Motion is one of the few techs lower on a downgrade. Even the financials are higher. Citigroup is up 3% on news the government is planning on selling their remaining stake in the banking giant. Bank of Montreal is up 2% after easily beating estimates. In the retail space Autozone made a new high on better than expected earnings. Vail resorts is up 2% even though they missed estimates. Weight Watchers is up 5% on an upgrade and rumors of a takeover. Barnes & Noble is higher on rumors of a takeover bid. NY Times is up 3% on an uptick on ad spending. Talbots is the dog of the day down 20% due to lower fourth quarter guidance. After the first hour the rally started to fizzle. A number of commodities and financials are pulling back along with the high flyers. Autozone is off 4% from its' morning highs. Decker Outdoor is also pulling back after making a new 52 week high. In the afternoon the averages tried to rally once again, but failed. In the last hour the averages pulled back toward the unchanged level. A number of the techs, financials, retailers, and commodities fell into the red. The Dow Jones Industrial Average finished at 11,359, down 3 points. The S&P 500 finished fractionally higher at 1,223, while the Nasdaq Composite gained 3 points to 2,598.
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