Markets continue to climb in the shadow of the coronavirus
Even though the death toll from the coronavirus has surpassed that of SARS in 2003, markets rallied Monday. They rose tentatively in the morning, but gained speed throughout Monday. The Nasdaq closed the highest of the major indices, climbing 1.13%. This and the S&P made new record highs.
Trillion-dollar Microsoft made its own record high today, rising 2.62% to nearly $189, while Amazon a company like Nike which heavily depends on Chinese sales of its sneaker gained 0.58%. China itself is struggling to resume production of goods following the Chinese New Year break. Tesla rose 3.1% on news that its Shanghai factory re-started and from a Forbes report that merely speculated about Google/Alphabet buying the e-car colossus. (It shot up 7% in the morning.)
The TSX fell just short of making its own high, but increased 0.48%, led by utilities like Algonquin Power making new highs, cracking $21 for the first time, as well as staples, materials and tech. The biggest winners were Western Forest Products, which spiked over 11% on news that its strike reached a tentative deal to end the seven-month strike. Investors in the Great Canadian Gaming Corp. hit today’s jackpot as the stock soared nearly 11% after announcing a big funding deal.