Markets still choppy over stimulus hopes
Markets inched up Thursday though remained choppy as investors continue to wait for a stimulus package from Washington. The S&P and Dow gained over half-a-percent while the Nasdaq trailed at 0.19%. Helping maintain investor sentiment was news that U.S. initial jobless claims fell for the third time in four weeks, though they remain high. Industrials, financials and energy rallied on Wall Street.
JPMorgan climbed 3.53% as American Express rallied 3.31%. Also, Chevron spiked 3.57% as a barrel of WTI gained 1.6%. The big tech names lost a little ground as Facebook and Amazon shed around 0.25% though Google investors continued to shake off antitrust concerns as Alphabet rose 1.38%.
Airlines were in focus on both sides of the border as the rhetoric over world governments offering aid the battered industry continued to rise. Delta soared 7%, United jumped 4.78% and American Airlines rose 3.18% after announcing a huge Q3 loss, but a cut to its daily cash burn. In Canada, Westjet declared it would start refunding customers for flights cancelled due to Covid, which rankled Air Canada. Until the announcement, no carrier in this country had announced any refunds, making it a stark exception to its American and European peers. The news lifted Air Canada shares by 7%. Meanwhile, Rogers‘ Q3 earnings and revenues blew away the street, and the stock rocketed 11.56%. The price of WCS crude rose 1.8% and helped lift the TSX by 0.3%. Energy and telcos both shot up 4%.
🏛 JP Morgan Chase & Co +3.53%
💳 American Express +3.31%
🛢 Chevron Texaco +3.57%
🕵️♂️ Facebook -0.25%
📦 Amazon.com -0.25%
🧮 Alphabet Inc. / Google +1.38%
🛫 Delta Air Lines Inc +7%
🛫 United Airlines Holdings +4.78%
🛫 American Airlines Group +3.18%
🛫 Air Canada +7%
📱 Rogers Communications +11.56%