Markets roar to new highs
Wednesday’s rally extended into Thursday with all three New York indices cresting above 0.6% to close at record highs, and the TSX rising a respectable 0.35%. All U.S. sectors gained, led by tech stocks, such as Facebook ( %) and Microsoft ( %) which finished the session strong. In Toronto, Shopify also maintained momentum, closing up. In contrast, Canadian banks like Royal Bank faded by the closing bell. WTI oil was flat, returning to levels before the assassination of Iran’s top general, though the TSX energy sector rose 0.88%. Cannabis stocks also gained, but the notable winner was Aritzia which vaulted over 18% after issuing its Q3 earnings, a rare bright spot in the embattled retail sector. Overall, American investors are optimistic as the U.S. and China prepare to sign phase one of their long-awaited trade deal next week. The positivity extended to global markets with the Nikkei and FTSE trading in the green overnight Wednesday into Thursday.
However, reports emerged mid-Thursday that Iran shot down (perhaps accidentally) a passenger airplane that took off from Tehran on Tuesday. No one survived. If true, this tragic revelation has not influenced markets so far, as S&P futures remained strongly positive immediately after Thursday’s close.