Mixed session amid job losses and recovery plans
Thursday’s session was mixed as the latest American jobless claims declined from 6.615 million last week to the 5.245 million. Investors read this as a positive thing, though the figures remaining staggering. Also in the mix were plans by Trump to reopen the U.S. economy. As the new number of new COVID-19 cases declines, EU powerhouse, Germany, has just announced plans to gradually reopen its economy and relax lockdown measures, joining other European nations including Austria and Spain, the hardest-hit European nation.
On Thursday, tech stocks continue to lead the charge with the Nasdaq rallying 1.66%, but the Dow and S&P closing only modestly positive. Amazon continued its run, climbing 4.36% in heavy trading and hitting a record high of $2,408. Other gainers included the health sector with Regeneron Pharmaceuticals rising 5.52%, and Dollar Tree rising 3% as consumers continued to flock to its still-open stores.
No surprise that travel and leisure continued to get hammered. American Airlines dove nearly 10%. However, Boeing announced after hours it would resume production next week. Boeing plunged 8% in the Thursday session, but regained all that in immediate after-hours trading. Another after-hours headline was Gilead announcing promising results for a COVID-19 treatment, which sent the stock soaring over 135. The TSX lagged Wall Street, shedding 0.42%. No surprise that energy led the laggards, which included financials and real estate. On the flipside, tech, staples and materials enjoyed healthy gains. Alcanna surged 9.46%, Blackberry leapt 7.82% and Shopify rallied 5.84%