Markets close up after choppy trading
Thursday’s session was volatile driven by several headlines: higher-than-expected weekly jobless claims in the States, the looming U.S. election, and promising news that the Democracts and Republicans will resume talks to reach another stimulus bill. Further, St. Louis’ Fed President predicted a full U.S. recovery if Q3 GDP expands rapidly, but then Goldman Sachs cut America’s Q4 growth forecast from 6% to 3%.
Still, the Nasdaq managed to eke out a 0.37% gain while the S&P and Dow, closely trailed. The Dow components were mixed with Boeing plunging over 5%, but Goldman nearly topping 5%. Tech, which was hammered on Wednesday, partially recovered some gains, with Apple rising over 1%.
The TSX also saw a modest rebound, rallying 0.6%, helped by a 2% rise in the price of WCS and 0.65% in WTI. Suncor rose over 2% in heavy trading. There was also a 2.56% bounce in materials, by far the strongest sector in Toronto. Kinross Gold continued to shine, popping over 7% as did several other gold names such as Teranga, up 6.73%, and Iamgold, up 6.24%. Blackberry surpisingly beat its Q2 revenues and EPS, but choppy trading ended for Blackberry with a 1% decline. Tech was the only sector that lagged.