Markets rally on bank earnings, positive data

There was green everywhere on Thursday as stocks and oil rallied. Catalysts came from the U.S. where Citigroup (up 0.77%), Bank of America (1.93%) and Morgan Stanley (2.48%) topped quarterly earnings estimates. Meanwhile the latest unemployment claims there fell to a 19-month low, and producer prices eased in September. Also, there were glimmers of hope in the world supply shortage as Los Angeles’ port will now operate 24/7 (though one can ask why it didn’t already), and experts advisers to the FDA unanimously recommended booster shots of Moderna‘s Covid drug, which pushed those shares up 3.23%.

From the opening to closing bells, stocks consistently rallied: the Dow up 1.56%, the S&P 1.71% and the Nasdaq 1.73%. As the U.S. 10-year yield retreated to 1.518%, the mega-tech stocks enjoyed a revival as Microsoft rose 2.17% and Apple 2.02%.

The TSX joined Wall Street’s party by climbing 0.98%. Health and energy led the charge as Canopy jumped 3.6% after announcing it was buying a weed gummies-maker as Canopy eyes expanding into the U.S. Aritzia soared 17% after beating its Q2 and receiving a strong analyst recommendation. Also surging were Kelt Exploration by 8.55%, Lighstpeed at 5.11% and First Quantum Minerals which advanced 2.33%. WTI added 1% to $81.50 per barrel and WCS jumped 2% to $67. Gold climbed 0.2% but remained just under $1,800 an ounce while Bitcoin inched 1% to $57,600.

🏛 Citigroup Inc. +0.77%
🏛 Bank of America +1.93%
🏛 Morgan Stanley +2.48%
💉 Moderna +3.23%
Ⓜ Microsoft +2.17%
🍎 Apple +2.02%
🌿 Canopy Growth Corp. +3.6%
👗 Aritzia Inc. +17%
🛢 Kelt Exploration +8.55%
💾 Lightspeed Commerce Inc +5.11%
⛏ First Quantum Minerals +2.33%
🅱 The Bitcoin Fund +1%