New York indices hit record highs
Depsite a shortened trading week, oil jitters, interest rate concerns and Thursday’s sell-off, all the major American indices closed Friday at record all-time highs. The S&P rose 1.13% to 4,369, the Dow 1.32% to 34,879 and the Nasdaq 0.96% to 14,699. Further, stocks closed near session highs. Friday marked a 180-degree turn from the pessimism of Thursday, and the rally was led by energy, materials and financials.
Big movers included the Gap jumping 4.69%, GM by 4.82%%, Airbnb popping 5.11% and Goldman Sachs up 3.54%. Meanwhile, the U.S. 10-year yield halted this week’s slide by ticking up to 1.36%. In the background, U.S. Treasuries enjoyed a strong rally as investors feared the Delta variant could slow the American recovery.
Oil also lifted the TSX which rebounded almost 1% off Thursday’s sharp sell-off, though it fell just short of the all-time high set on Tuesday. The price of WTI surged 2.28% and WCS by 2.86%, despite uncertainty over OPEC+’s infighting over production levels. Every TSX sector enjoyed gains, starting with materials and real estate. News of Ontario reopening early to stage three also fueled optimism. Winners included MTY Food Group soaring 17% on a blow-out Q2, Methanex popping 5.78% and Cineplex rising 4.89%. Even Bitcoin reversed recent weakness by advancing 2% to approach $33,500. Gold added $5 and was essentially flat.
🧢 Gap +4.69%
🚙 General Motors Corporation +4.82%
🏡 Airbnb +5.11%
🏛 Goldman Sachs +3.54%
🍱 MTY Food Group +17%
⚗ Methanex Corp +5.78%
🎞 Cineplex Inc +4.89%
🅱 The Bitcoin Fund +2%