Banks and oil drag down Friday markets
 |
Mixed bank reports and weak oil prices pressured markets to end the week. The major American indices closed -0.57% to -0.87% which amounted to its work week since October 30. Citigroup beat Q4 earnings but revenues tumbled. Citi shares slid nearly 7%. In contrast, JPMorgan reported a stronger quarter, but still declined 1.79%. Meanwhile, the price of WTI tumbled 2.6% and WCS over 3%. Chevron dropped 3.56%. Industrials also lagged as Dow closed -3.92%. On the Nasdaq, Bed Bath & Beyond tumbled 6.38%.
Markets greeted Joe Biden‘s stimulus speech Thursday with mixed reactions. They welcomed his stimulus pledge, but worried over the US$1.9 trillion price tag which will likely face resistance on Capitol Hill. Of course, the vaccine vs. virus war continues worldwide, but during the Friday close, Biden announced a comprehensive plan to ramp up vaccinations by building new centres and using private pharmacies across the land.
The TSX closed -0.27%, dipping below 18,000 and losing 133 points for the week. The Toronto index was also pressured by oil prices and rising Covid cases worldwide. Materials lagged as well, but staples and telcos rose. Like the Wall Street indices, the TSX rebounded partially off its morning’s lows. The biggest gainer was Blackberry, which soared 8.9% in heavy trading after it struck a settlement with Facebook over patent royalties. Cannabis continued to revive as Aphria leapt 3.74%. Also climbing were Goeasy, up 8.3%, Cogeco by nearly 6% and Alimentation Couche-Tard, up 4.66%, which is struggling to buy France’s Carrefour chain. In contrast, Village Farms plunged nearly 11% while Ballard Power dove over 10%.
🏛 Citigroup Inc. -7%
🏛 JP Morgan Chase & Co -1.79%
🛢 Chevron Texaco -3.56%
🛏 Bed Bath & Beyond -6.38%
📱 BlackBerry +8.90%
🌿 Aphria Inc +3.74%
🏛 goeasy +8.3%
📡 COGECO Inc +6%
🏪 Alimentation Couche-Tard(B) +4.66%
🌿 Village Farms International, Inc. -11%
🔋 Ballard Power Systems -10%
