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. stock indexes on Monday fell as Europe's debt troubles came back into play, with worry focused on Portugal. The Dow Jones Industrial Average fell 58 points to 11,616. The Standard & Poor's 500 Index declined 6 points to 1,264. The Nasdaq Composite shed 16 points to 2,686. The first good down day to start the new year. The commodities are taking it on the chin so far this morning. The fertilizers are lower as Agrium was downgraded. That stock is down 2.6%. Freeport McMoran is lower even though they received an upgrade with a $140 price target. BP is lower even though it was downgraded. Duke Energy is buying Progressive Energy for $13.7 billion. Both stocks are modestly lower. LDK Solar is jumping 16% after lifting sales and gross margins. The techs are modest lower except for Apple. Apple is higher on news Verizon will finally announce their iphone tomorrow. Research in Motion is lower as they will inevitably lose clients as a result of this. AMD is up 2% on an upgrade. After the first hour the averages remained weak with the Dow down 70 points. The Nasdaq declined 10 points. The financials opened lower, but rebounded to the unchanged level. Bank of America is up a percent. GE is up a percent on an upgrade. In the retail space Coach and Tiffanys are higher on upgrades. Through the morning and into the afternoon the averages slowly improved. The Nasdaq rallied into the green thanks in part to a 2% rally in Apple. The Dow remained in the red, but improved dramatically after falling as much as 100 points this morning. The financials and commodities look much better. The Dow Jones Industrial Average finished down 37 points at 11,637, with Alcoa shares bucking the trend, up 0.4%. The S&P 500 index dropped 2 points to 1,269, weighed by telecom and utilities. The Nasdaq Composite rose 4 points to 2,707.
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