Markets down Friday to close another tumultuous week
Though futures promised a positive open, Friday markets closed down to end another rocky week as the world battles COVID-19. The Dow fell the lowest, shedding 4.55%, while big tech stocks limited the Nasdaq to -3.79%. The TSX sold off only 2.62%, and spent most of the day in positive territory. Winners in Toronto included Chartwell, Canada’s largest operator of retirement homes, which soared 13.24% after plunging 50% in the past month. Another surprise, albeit negative, was Brookfield Asset Management. The Bay Street darling was hammered for 10.72%. Meanwhile, oil stocks continued to rise, with MEG Energy and and Whitecap Resources climbing nearly 13%, even as the Saudi-Russian oil war rages.
In the U.S., travel and leisure stocks regained some massive losses. Marriott and Wynn Resorts surged 11.5% while United Airlines soared over 15%. Carnival Cruises, which investors have abandoned, leapt 20%.
The backdrop to all this activity remains the virus. China and South Korea are on the road to recovery, but Europe continues to see more new cases along with more stimulus to keep economies afloat. Some economists are talking about a recession, but more predict a bounce in stocks. When exactly this will happen remains the billion-dollar question.
🏡 Chartwell Seniors Housing +13.24%
🏛 Brookfield Asset Management (A) -10.72%
🛢 MEG Energy Corp +13%
🛢 Whitecap Resources +13%
🏢 Marriott International Inc. +11.50%
🏢 Wynne Resorts Ltd. +11.50%
✈ United Airlines Holdings +15%
🚢 Carnival Corp. +20%