Markets and oil prices jump as new coronavirus cases decline
The number of new coronavirus cases in China declined for the second straight day, injecting hope into markets and raising the S&P and Nasdaq to record highs, up 0.87% and 0.47% respectively. The news also propelled oil by 2.31% and, not to be left behind, gold by 0.64%.
Also lifting investor sentiment was news that Japan’s exports fell much less than expected. Tech giants including Apple, which just warned markets that the virus will eat into revenues this quarter, gained 1.45%. That number, however, paled next to chipmaker Nvidia which leapt 6.11% to new highs.
The TSX also inched into record territory, climbing 0.38% and nearly reaching 18,000. Energy and materials led the charge. The energy sector spiked 2.2% with Whitecap Resources soaring 5.68% and Crescent Point Energy rallying 4.1%. However, the biggest gainer on Wednesday was the volatile Ballard Power Systems which rocketed nearly 13%. However, it wasn’t all sunshine and roses. CN Rail announced it was laying off 450 workers in eastern Canada due to the indigenous protests that have blockaded the tracks near Belleville, ON and across the country that have essentially shut down all rail shipments.