Markets tentatively climb as oil finds relief
Markets modestly rose in Thursday trading as more financial measures from world governments were announced. The Nasdaq rose 2.3%, while the Dow, S&P and TSX climbed below 1%. Investors were heartened to see green on their screens after days of brutal routs.
The story in Toronto was oil. The battered commodity saw a relief rally of sorts as the price of crude soared 25%. Advantage Oil & Gas jumped accordingly at 27.36%, while Torc Oil & Gas moved up 21.74%. Surprisingly, smaller Canadian airlines, Cargojet and Chorus Aviation rebounded nearly 16.9% and 15.21% respectively, though Air Canada continued to sink by 5.81%. The driver in the States was big tech as investors grew a tad more confident in chasing. Broadcom soared nearly 16% while Amazon continued to climb, up 2.78%. Despite the gain, U.S. markets have lost the gains made during Trump’s presidency.
Other numbers that investors are closely watching are new cases in the U.S., but also China. China has reported for the first time zero new cases. This is a major turning point in the virus war. In an ironic reversal, China is now escalating its quarantining measures for international arrivals. Europe and North America lag behind, so the hope is that the virus will level off in these countries in due time. Stay tuned and stay safe.