Market inch up to record highs to end historic week
Markets in New York and Toronto inched up Friday to close at record highs and to cap off an historic week. It was historic because phase one of the China-US trade was signed, and the U.S. Senate passed the USMCA deal (aka the new NAFTA). After a relatively quiet day of trading, the S&P and Nasdaq rallied in the dying minutes of Friday’s session to close a third-of-percentage point higher.
No surprise that tech stocks led the charge, with names like AMD rallying 2.33%, and Activision Blizzard and Comcast both rising 1.34%. The latter rose on news that it will launch a streaming service, cutely named Peacock. Elsewhere, hardware stocks rose on news that U.S. housing starts soared 16.9% last month, the highest in 13 years. Home Depot surged 1.35% and Lowe’s 2.59%.
However, outperforming them all, the TSX broke 17,500 to close 0.42% high in yet another record close. Cannabis and minerals continued to their 2020 run. In fact, every sector except energy (even though crude oil ticked up) showed healthy gains Friday. The biggest gainers included Ballard Power, shooting up 9.31%, Supreme Cannabis by 9.09%, and Interfor by 8.4%. Amid all the euphoria, more investors are asking, “How long will this bull run last?”
💿 Advanced Micro Devices +2.33%
🎮 Activision Blizzard +1.34%
📺 Comcast Corp +1.34%
🔨 Home Depot +1.35%
🧱 Lowes Companies Inc. +2.59%
🔧 Ballard Power Systems +9.31%
🌿 Supreme Cannabis Company, Inc. +9.09%
🌳 Interfor Corp +8.40%