UBS managing director of wealth management Jonathan Murray and ‘Two for the Money’ co-author David Murray say finding value in dividend yields and stocks is important.
Stocks rallied to record highs Wednesday as the spread of the coronavirus slowed for a second day and investors shrugged off Bernie Sanders’ victory at the New Hampshire primary.
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The Dow Jones Industrial Average and S&P 500 hit fresh records on Wednesday while the Nasdaq Composite traded just below its own peak.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| SP500 | S&P 500 | 3372.22 | +14.47 | +0.43% |
| I:DJI | DOW JONES AVERAGES | 29471.01 | +194.67 | +0.66% |
| I:COMP | NASDAQ COMPOSITE INDEX | 9674.902155 | +35.96 | +0.37% |
The number of coronavirus cases rose to about 45,000 worldwide as the death toll pushed past 1,100, according to the latest figures released Wednesday.
Meanwhile, with 87 percent of New Hampshire precincts reporting, Sanders had secured 25.75 percent of the votes, edging out former South Bend, Indiana Mayor Pete Buttigieg (24.43 percent). Both candidates were on track to take nine delegates. Rounding out the top three was Sen. Amy Klobuchar who received 19.78 percent and six delegates.
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Looking at stocks, Lyft reported a narrower-than-expected loss and quarterly revenue that topped $1 billion for the first time.
CVS earnings and revenue exceed expectations and the company raised its 2020 outlook. Revenue at CVS’ health insurance unit soared 175 percent versus a year ago, boosted by its Aetna purchase.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| LYFT | LYFT INC. | 49.26 | -4.68 | -8.68% |
| CVS | CVS HEALTH CORPORATION | 74.27 | +0.42 | +0.57% |
Elsewhere, Bed Bath & Beyond shares crashed after the home-goods retailer reported same-store sales fell 5.4 percent during the first two months of its fiscal fourth quarter, December 2019 and January 2020, amid inventory issues, heavy promotions and declining in-store traffic.
ExxonMobil shares rallied along with oil prices, shrugging off a fire at the energy giant’s refinery in Baton Rouge, Louisiana.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BBBY | BED BATH & BEYOND INC. | 10.93 | -3.92 | -26.43% |
| XOM | EXXON MOBIL CORPORATION | 61.09 | +0.56 | +0.92% |
Looking at commodities, West Texas Intermediate crude oil was up 1.9 percent at $50.90 a barrel and gold was down 0.1 percent at $1,568.50 an ounce.
U.S. Treasurys were lower, pushing the 10-year yield up 4 basis points to 1.63 percent.
In Europe, Britain’s FTSE led the way, up 1 percent, while Germany’s DAX and France’s CAC added 0.8 percent and 0.5 percent, respectively.
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Markets gained across Asia with China’s Shanghai Composite and Hong Kong’s Hang Seng both up 0.9 percent and Japan’s Nikkei higher by 0.7 percent.
