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The Russell 2000 jumped 1.77% while the TSX and Wall Street indices eked out modest gains in Tuesday’s trading. The S&P and Dow barely finished in the positive while the Nasdaq gained 0.28% and the TSX 0.29%. Cyclicals–financials and energy stocks–continued to surge on the hopes of more stimulus from the incoming Biden administration.
Marathon Oil almost topped 10%, Goldman Sachs rose 2.85% and Suncor climbed 2.44% in heavy trading. Also in Toronto, CI Financial rallied 5.91% while AutoCanada advanced nearly 9%. Moderna rose 6.22% after announcing it was expanding its vaccine pipeline to conquer infectious diseases.
However, social media continued to be punished after last week’s siege of Washington by violent Trump supporters, and names like Facebook slipped 2.24%. Green energy extended its rally as Ballard Power in Toronto leapt 18.65%. The stay-at-home-trade remains strong; Etsy jumped 12%. Meanwhile, Organigram plunged 11.84% after missing Q1 expectations. That said, cannabis still shines as Aphria gained 3.9%. Oil hit an 11-month high to lift the TSX. The price of WTI rose 2%, but WCS popped nearly 8%. Overall, investors are optimistic about latter-2021, even amid rising Covid cases and lockdowns, and expect incoming president Biden to deliver more stimulus.
🛢 Marathon Oil +10%
🏛 Goldman Sachs +2.85%
⚡ Suncor Energy Inc +2.44%
🏛 CI Financial Corp +5.91%
🚙 AutoCanada Inc +9%
💉 Moderna +6.22%
🕵️♂️ Facebook -2.24%
🔋 Ballard Power Systems +18.65%
🛍 Etsy Inc. +12%
🌿 Organigram Holdings -11.84%
🌿 Aphria Inc +3.9%
