Markets pare record-breaking gains to end the week
Makets gave back on Friday to close a record-breaking week. The Dow lost nearly 1% while the TSX shed 0.54%. The Nasdaq slipped 0.54% but gained over 4% this week which saw tech stocks like Tesla and Microsoft shatter their own highs as well as the indices. In Canada, the TSX lost ground over continuing coronavirus fears which, in turn, are depressing demand for oil. WCS oil was down 1.24% and the energy sector fell 1.74%.
A glimmer of hope in Canadian oil lies with the Trans Mountain pipeline which won a court challenge this week, but on Friday announced that the cost has ballooned from $7.4 billion to $12.6 billion. Investors shrugged off strong employment numbers as unemployment fell from 5.6% in December to 5.5% in January. Friday’s biggest gainer was CAE, up 3.36%, after posting a profit beat. The day’s loser was Aurora Cannabis, plunging over 15% after it announced 500 job cuts including its CEO’s.
South of the border, investors also ignored very good employment news today and sold. Among the biggest gainers was Beyond Meat, soaring 4%. Meanwhile, Wynn Resorts was one of the biggest losers, down 5.43% as gambling resorts and cruise lines continue to be pressured by the coronavirus and plunging Chinese demand.