Fed fears ebb, markets extend rally
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Market extends rally: A day after Jay Powell’s remarks on inflation and tapering, markets continued to rally on Thursday. Investors had different interpretations on the Fed chair’s latest comments, but the consensus is that interest rates will stay low for a while. On Wall Street, the S&P surged 1.21%, the Dow added 1.48% and the Nasdaq gained 1.04%. Levels remained consistent throughout the session and all the major components were well into the green.
Big gainers included Chevron by 2.48%, American Express at 3.5%, Salesforce popping 7.21%, Caterpillar crawling up 2.75%, and Avis Budget zooming 8.13%. Bitcoin added 2.7% to pass $44,600.
Rising crude prices fuelled investor sentiment in Toronto as the TSX advanced 0.3%. The overall picture was more mixed as materials and staples lagged. Notable gainers included Bombardier soaring 7.37%, Cenovus up 4.39%, Blackberry jumping 10% and Arc Resources climbing 5.43%. Several gold names lost ground, including B2Gold at -4.39% and Kinross at -3.45%. WTI itself surpassed $73 per barrel while WCS gained 1.35% to pass $61 a barrel. Meanwhile, gold slipped 1.6% to float above $1,700 an ounce. Finally, the Canadian dollar was flat just below 79 cents against the greenback.
🛢 Chevron Texaco +2.48%
💳 American Express +3.5%
💨 SalesForce.com Inc. +7.21%
🏗 Caterpillar +2.75%
🏛 Avis Budget Group +8.13%
🅱 The Bitcoin Fund +2.7%
✈ Bombardier Inc (B) +7.37%
🛢 Cenovus Energy +4.39%
📱 BlackBerry +10%
🛢 Arc Resources Ltd +5.43%
🥇 B2Gold Corp. -4.39%
🥇 Kinross Gold -3.45%
