Markets extend rebound
For the third straight day, stocks rallied, with the S&P rising 0.62% to make a record close of 4,725. All 11 sectors finished the shortened American trading week in the green. The Dow added 0.55% to approach its own record, while the Nasdaq advanced 0.85%. Consumer discretionary and tech enjoyed the strongest gains amid seasonally mild volumes.
Moving up were Caterpillar by 2%, Avis at 3.24%, Applied Materials up 2.08% and Bed Bath & Beyond at 2.24%. The U.S. approved a second treatment to battle Covid, Merck‘s, though the stock slipped 0.56%. Overall, it was a day of mild moves, lacking last week’s drama. Market sentiment was generally confident despite the Omicron variant triggering record number of cases across the globe, including Ontario and Quebec. Fueling that optimism was the Merck pill as well as new data from the U.K. and South Africa stating that the variant may not be as lethal as past variants.
The TSX also enjoyed a positive Thursday as it climbed 0.71%. While energy was weak and telcos flat, the rest of the sectors were in the green. Advancing were Bombardier by nearly 3%, Vermilion up 2.77% and Canopy Growth at 2.74%. On the flipside, Tourmaline closed -3.3% and Dye & Durham gave back 4.86% after a recent jump. WTI crude actually rose 1.5% to nearly $74 a barrel while WCS move up to $58.50. Meanwhile, Bitcoin surged about 4% to nearly $51,000. Though it’s too soon to tell, the markets may be heading to a Santa Claus Rally. Wall Street will be closed on Christmas Eve while the TSX will hold a half session on Friday.
🏗 Caterpillar (CAT-N) +2%
🚗 Avis Budget Group (CAR-Q) +3.24%
🧱 Applied Materials (AMAT-Q) +2.08%
🛏 Bed Bath & Beyond (BBBY-Q) +2.24%
💊 Merck & Company (MRK-N) -0.56%
🚂 Bombardier Inc (B) (BBD.B-T) +3%
🛢 Vermilion Energy Inc (VET-T) +2.77%
🌿 Canopy Growth Corp. (WEED-T) +2.74%
🛢 Tourmaline Oil Corp (TOU-T) -3.3%
💾 Dye & Durham (DND-T) -4.86%
🅱 Bitcoin Cash (CRYPTO:BCH) +4%
