Markets decline to end rocky week
Markets ticked down Friday to end a week of declines. The S&P closed -1.12% and -0.64% for the week (down for the last three weeks) while the Nasdaq finished -1.07% or -0.56% for the week. However, the Nasdaq is up 20.29% year-to-date. This is far from the carnage early this month, and may be a sign of September seasonality. The Dow closed -0.88% with all components down.
Boeing, for example, sank 3.81%, Beyond Meat faded 5.2% while Apple sold off 3.17% in heavy trading. No word yet from Washington on the latest stimulus package which would surely lift American markets. In oil, the price of WTI was flat, though WCS rose 1%. Gold gained about 0.5% throughout the day.
The TSX finished -0.29% for the day, but only -0.14% for the week. Telcos were the weakest sector, closing -1.48% though tech climbed 0.86%. During the week, financials, energy and materials lost more than 1%. Kinross Gold was one of Friday’s biggest winners after raising guidance and enjoying a 6.34% pop. It reflects the boom in gold this year. Torc Oil & Gas bucked negative energy sentiment and jumped 3.33%. Teck Resources was another gainer in heavy volume, rallying 3.83%