North American highs and a bidding war over the Bay
Positive U.S. economic data fed markets in Toronto and New York to rally to fresh highs on Wednesday. The TSX closed at 17,100 while the Nasdaq jumped 0.66% to 8,705. American economic growth picked up a bit in Q3 while employment remained strong.
Among the big gainers on the Nasdaq was Facebook, which rose 1.52% to $202.00. The U.S. data indicates that a recession is less likely than expected in the near future. Meanwhile, America and China continue to meet over phase one of their pivotal trade deal. Futures in Tokyo, Hong Kong and Sydney are positive and will likely trade upward overnight.
Here in Canada, CN Rail shareholders rejoiced over the end of the week-long strike and nudged the stock up 0.3%. Meanwhile, the privatization of the venerable Hudson‘s Bay Company heated up when Catalyst Capital made a rival bid at $11/share, higher than the $10.30 offer from the group led by HBC Chair, Richard Baker. HBC shot up 11.33%. This leads to a showdown on Dec. 17 when shareholders vote on the deal. Otherwise, utilities and REITs moved up on Tuesday as did weed stocks, like Aurora (by 4.67%) and Hexo (4.49%).