Markets climb to close a choppy week amid reopenings
In a replay of the day before, Friday’s session opened weak but gradually rose into positive territory by the closing bell. The Nasdaq climbed as far as 0.79%, while the TSX inched up to 0.89%.
Toronto was lifted by weed, gold and oil. Materials climbed 4%, energy popped 3% and healthcare exploded. Cannabis stocks soared, starting with Aurora which rocketed nearly 67% on a Q3 sales beat. Silver and gold also sparkled, with Fortuna Silver Mines glittering almost 20%. And oil bubbled as WTI jumped nearly $2 to $25.
New York trading was slightly less dramatic, though still positive. Walmart and Facebook both rose 2% while tech names like Nvdia rallied 5.73%. Though indices were down roughly 2% from last Friday’s close, the markets are 30% off the late-March bottom. Also, WTI spiked over 7% to $30. The choppy week was due to comments made by the Fed’s Powell and chief health experts, sabre-rattling by Trump against China, and more negative unemployment numbers. However, re-openings continue across the States and the world. Also, there’s a general feeling that even though a second wave of Covid could hit, the worst is behind us and next time we will be better prepared.