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Leigh Baldwin & Co.

112 Albany Street, Cazenovia, NY 13035 | Phone: (315) 655-2964 Toll Free: 1-800-659-8044

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The Week In Review

12/28-1/1/10

January 1, 2010
Markets are closed. Happy New Year.

December 31, 2009
U.S. stocks opened slightly higher on Thursday, and were set to post strong gains for the year, as a bigger-than-expected drop in jobless claims further boosted hopes for the economy to recover. The Dow Jones Industrial Average rose 4 points to 10,554, receiving a boost from shares of Walt Disney after Marvell Entertainment approved their merger. Heading into today, the Dow is up 2% for December and 20.3% for 2009. American Express shares led year-to-date gains on the Dow, up 121%, followed by Microsoft shares, up 59%. The S&P 500 index inched up a point to 1,127. The broad index is up 2.9% for December and up 24.8% for the year. The Nasdaq Composite gained 5 points to 2,291. Thursday, leaving it up 6.9% for the month and 45.3% year to date. Today looks like a anti-climatic day to a wild year. Very little news this morning. In the tech sector Apple is modestly higher. Rumors of their mini-computer called the tablet is expected to come out soon. Google is expected to release their cellphone next week. Next year should be a good year for the tech sector. Industry data indicated that the e-books like the kindle should see brisk sales next year. The financials are quiet this morning. Goldman Sachs has performed well this week, perking up of late. After the first hour the averages dipped into the red. Through the morning and into the afternoon the averages remained in the red. The Dow fell 50 points. The Nasdaq declined 6 points. Only a few stocks remained in the green. The financials are in the green for the most part. Goldman Sachs continues to perform well. Not much else is moving. In the last hour we saw some selling on light volume as mutual fund managers squared up positions for the end of the year. The Dow Jones Industrial Average finished down 120 points, or 1.1%, at 10,428. The blue chip average still sported a 0.8% gain for December and a strong 18.8% advance for the year. The S&P 500 index fell 11 points, or 1%, to 1,115. It rose 1.8% for the month, and is up 23.5% for 2009. The Nasdaq Composite fell 22 points, or 1%, to 2,269. It gained 5.8% in December and rose 43% for the year. The decade, however, was a lost one for the major benchmarks. The Dow fell 9.3%, its second worst decade on record after the 1930s. The S&P slumped 24.1%, and the Nasdaq slumped 44.2% over the past 10 years.


December 30, 2009
U.S stocks turned slightly higher early Wednesday after a report that pointed to a recovery in manufacturing in the Chicago region. The Dow Jones Industrial Average rose 2 points to 10,545. The S&P 500 index gained 10 cents to 1,126, while the Nasdaq Composite rose 3 points to 2,291. The Chicago purchasing managers index rose to 60.0% in December, a 16-month high, and higher than economists expected. The index stood at 56.1% in November. After the open the techs started to improve. Apple, Research in Motion, and Google moved into positive territory. Apple received a couple of upgrades. The chips are improving. Chip and chip equipment stocks Nvidia and Marvell Tech are both up over 2% on upgrades. Seagate is up a percent on an upgrade. In the retail space Mattel and Hasbro are higher on upgrades. Sears, American Eagle, Best Buy, and Walmart are all higher. After the first hour the averages remain near the unchanged level.
In the afternoon the averages dipped into the red. A few stocks remain in the green including Google, Goldman Sachs, Apple, and the chip stocks look good. A number of commodities are perking up. In the last hour the averages nudged into the green. The Dow Jones Industrial Average finished up 3 points at 10,548, led by a 1.7% gain in shares of Alcoa. The S&P 500 index inched up 23 cents to 1,126. The Nasdaq Composite rose 2 points to 2,291.

December 29, 2009
U.S. stocks rose at the open on Tuesday, continuing a six-session winning streak in thin holiday volumes, with investors expected a key gauge of consumer sentiment to be bullish. The Dow Jones Industrial Average rose 18 points to 10,565, with shares of Walt Disney leading the gains even though one analyst made cautious comments. The S&P 500 index rose a point to 1,129, led by the consumer discretionary sector. The Nasdaq Composite inched up 50 cents to 2,291. Not much is moving this morning. The financials are modestly higher even though many had their numbers trimmed this morning. Goldman Sachs and Jefferies were upgraded this morning. Jefferies is up 3%. The techs opened higher, then pulled back. Microsoft is modestly higher at new highs on positive comments. Amazon is higher on two upgrades. In the commodity space, the fertilizers are lower on weak pricing. After the first hour the Dow remained in positive territory while the Nasdaq was unchanged. Through the morning and into the afternoon the averages remained quiet. The averages barely moved until the last hour when all three averages dipped into the red. The Dow Jones Industrial Average closed down a point at 10545. The S&P 500 closed down a point at 1126. The Nasdaq declined 2 points to 2288.


December 28, 2009
U.S. stocks opened higher on Monday, as upbeat holiday retail sales numbers lifted hopes for the economic recovery, helping offset weakness in airlines after Friday's foiled plot to blow up a U.S. passenger jet. The Dow Jones Industrial Average rose 27 points to 10,548, with 20 of its 30 components advancing. The S&P 500 index inched up 3 points to 1,129. The Nasdaq Composite gained 9 points to 2,295. Within the retail sector Deckers Outdoors, Skechers, American Eagle, Gap, Finish Line, and Nordstrom are all higher on positive analyst comments. The footwear stores are performing well. The techs are shooting higher. Google, Apple, IBM, and Microsoft are at new highs. Apple received two upgrades. Barrons wrote a cover piece on IBM. After the first hour the averages clung to gains on light volume. The big cap techs remain strong. The commodities and financials are modestly in the green. Fannie Mae and Freddie Mac are higher after the Treasury amended their terms to keep them functioning.
Through the morning and into the afternoon the averages hovered around the unchanged level. The averages dipped into the red on word Al-Qaeda took responsibility for the potential airplane bombing on Christmas. In the last hour the averages snuck back into the green. The Dow Jones Industrial Average finished up 26 points at 10,547.08, its highest closing level since October of 2008. The S&P 500 index rose a point to 1,127. also its highest close since October of last year. The Nasdaq Composite gained 5 points to 2,291, its highest close since September 2008.