Markets slightly rise to end 2020
In typically light New Year’s Eve trading, American markets closed on a high note to end 2020. The Dow and S&P closed at record highs, up 0.69% and 0.66% respectively as they saw modest gains in financials and healthcare. However, the Nasdaq was basically flat for the session, finishing up 0.11%, while the TSX slumped -0.52%.
Intel rose 2.27% though Bed Bath & Beyond declined 4.72%. On the TSX, financials and industrials led while materials lagged. Big gainers included Pollard Banknote, soaring 8.53%, though gold names, such as Kinross (-3.11%) and Barrick (-2.23%), were among the losers. Similarly, Aurora Cannabis slid 4.76%. Bitcoin continued to scale new heights as it broke $29,000.
A bigger story emerges over 2020, the year of the pandemic, which saw chaos, dislocation, but also enormous rebounds in some stocks. The tech-driven Nasdaq soared 45% (ex-dividends), while the S&P rose nearly 16% and the Dow 6.5%. The TSX underperformed Wall Street, falling short of a 3% gain, though some expect Canadian stocks to outperform in 2021. WTI oil was flat, though WCS slipped -0.9% which dragged the Toronto index down.
Stockchase wishes you, your friends and family a safe and prosperous new year!