Big tech leads market rebound
Apple, Amazon, Facebook, Microsoft and Netflix all made record closes on Wednesday. It was a session that big tech names ruled, with the Nasdaq closing at yet another record high of 10,482, up 1.34%. Moreover, markets rallied at the end of the session, partially lifted by optimistic comments from the St. Louis Fed.
Bullish investors also point to the declining number of deaths from COVID-19 in America, even though case numbers continue to rise in the sunbelt states. (The discrepancy is due to more younger people catching the virus.) Beyond tech, the S&P rose 0.78% and the Dow gained 0.68% which closed within 12% of its all-time high.
Toronto lagged New York as the TSX rose 0.22%, but certain stocks soared. A&W announced it was restoring its dividend and investors repaid it with a 15.66% spike. MTY Food Group jumped 14.36%, and Cineplex popped 8.33% after announcing it was issuing convertible debentures. The energy sector lagged 2%, but materials gained 2%. Wesdome Gold Mines soared 10.53% as gold ticked above $1,800/ounce. Likewise WCS and WTI inched over 0.5%. Canadian markets were shadowed today by news from Ottawa that our deficit has ballooned to levels not seen since World War Two. While that’s no surprise to anyone, the numbers give pause.