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 opened lower on Friday as Wall Street continues to track reports that Egyptian President Hosni Mubarak won't step down. The Dow Jones Industrial Average fell 44 points to 12,184. The Standard & Poor's 500 Index dipped 5 points to 1,316. The Nasdaq Composite declined 6 points to 2,784. Plenty of earnings keep flooding in. Last night restaurant companies like California Pizza, Panera Bread, Chipotle Mexican Grill look great after better than expected earnings. Panera is jumping 15%. Cheesecake Factory is down 2% even though they beat estimates. Wynn Resorts is higher by 4% after beating estimates. Kraft is down 2% on in line numbers. In the tech space Raxspace is up 7% on in line earnings. Apple and Google look good. Research in Motion continues to move higher. IBM is up half a percent. Micron is higher even though it was downgraded. Nokia is shaking things up, partnering with Microsoft with a new business plan, however, investors don't seem to like the deal. Nokia is down 14% while Microsoft is modestly higher. The financials opened lower with only JP Morgan trading higher. Ameriprise is higher on an upgrade. After the first hour the averages slowly improved. The averages accelerated following the first hour with news out of Egypt that their President is finally stepping down. The Dow shot up 30 points while the Nasdaq improved by 7 points. The financials look great. The bond insurers look great. Everything is right in the world. In the afternoon the averages remained in the green. In the auto sector, India based auto company Tata Motors is up 10% following earnings. Ford is up 3% after announcing they will reduce their debt once again by $3 billion getting favorable reviews from the bond rating agencies. In the last hour the averages pulled back only to rally into the close. The Dow Industrials finished up 43 points at 12,273 for the day, and 1.5% for the week. The S&P 500 index added 7 points to end the day at 1329, up 1.4% for the week. The Nasdaq Composite rose 18 points to end at 2809, up 1.45% for the week. Another great week.
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