Markets mixed on virus and stimulus news
Markets were modestly selling off over worries of ever-increasing Covid cases and an economic slowdown, but then stocks closed in the positive. The trigger was late-day news that the Democrats and Republicans were reviving stimulus talks. Meanwhile, Trump still refuses to transition the presidency to the lawfully elected Joe Biden. Also fueling anxiety was the higher-than-expected number of Americans who filed for jobless claims last week.
By the close, the Dow gained 0.15%, the S&P 0.39% and the Nasdaq 0.87%. Tesla hit another record as it rose 2.6%, further lifted by fresh news it will join the S&P next month. Macy‘s also impressed with its Q3 report, which topped revenues though same-store sales fell 20%. L Brands fared even better, soaring nearly 18% after sales rose for the quarter and blowing -past earnings.
In Canada, the TSX managed a 0.12% gain for Thursday, despite the price of WCS sliding more than 6%. Tech and industrials were the bright spots in trading in a rather sleepy session. The biggest news of the day was West Fraser Timber buying Norbord to expand into Europe. Norbord popped over 11% while WFT slipped 2.05%. The other big movers of the day were CNQ, down 1.69%, and Aphria, which gave back 3.61% of its recent gains, and Cineplex which declined over 6% on Covid fears.