Markets rally as U.S. stimulus approaches
Wall Street hit a rare grand slam Thursday as all the major indices plus the Russell 2000 make all-time highs. Investors looked past the gloomy Covid outlook and economic numbers to find hope in the forthcoming stimulus/aid package that Washington is about to unveil.
Also fueling optimism was a forthcoming decision on whether to approve the Moderna vaccine or not (Moderna shares popped 5%). Tech and consumer stocks led the way as the Nasdaq surged 0.84%, the S&P 0.58%, the Dow 0.48% and the Russell 2000 1.3%. Johnson & Johnson, expected to release the results of its own Covid vaccine in January, surged 2.64%. However, Boeing, which has been on the upswing, gave back 2.05%. Bitcoin continued to race up, jumping nearly 9%, as a barrel of WTI rose 1.2% and WCS barely 0.2%. Gold added $20 per ource.
The TSX rallied in line with Wall Street, climbing 0.49%. Materials and tech led the charge, while real estate and telcos weakened. Barrick added 2.11% in heavy trading while Aphria sank 6.21% after an analyst downgrade from hold to buy. Several other gold names popped, including Oceanagold and Premier Gold Mines, both leaping 9%. Elsewhere, Wildbrain rose 8.18%