Markets cool off after historic rally
After two strong days of gains, lifted by positive vaccine news and the belated transition of U.S. President-elect Joe Biden into the White House, markets slightly sold off Wednesday. The Dow closed -0.58% and the S&P -0.16% though the latter has soared 11% so far in November.
In contrast, tech stayed above water as the Nasdaq gained 0.47% and smashed to a new high. On the Dow, industrials and energy took the biggest hit. Dow slid 2.39% and Chevron fell 3.39%. Reports of Salesforce in talks to buy Slack, pressured CRM down 5.37%. The Gap plunged nearly 20% after missing earnings, as reported late Tuesday. Meanwhile, Canadian weed stocks continue to climb in the States as Aphria gained another 2.34%.
In Toronto, the 2% spike in WTI and 4% leap in WCS, based on a surprise inventory drop, helped lift the TSX by 0.24%. Materials and tech led gains, while Lightspeed popped 7% and CargoJet climbed 5.4%. Gold names staged a recovery after recent selling. Lundin and Alamos each rose over 4%. Names like Brookfield Assest Management gave back 3.38% after soaring in this recent rally. Green energy continued to surge, fulled by Joe Biden’s embrace of renewable energy. Northland Power popped 3% for the day. The price of gold remained flat, though Bitcoin cracked $19,000.
🛢 Chevron Texaco -3.39%
💨 SalesForce.com Inc. -5.37%
🧢 Gap -20%
🌿 Aphria Inc +2.34%
💾 Lightspeed POS +7%
🛫 Cargojet Inc +5.4%
🥇 Lundin Gold Inc. +4%
🥇 Alamos Gold Inc +4%
🏘 Brookfield Asset Management Inc. -3.38%
🌲 Northland Power Inc +3%