Powell’s comments relieves markets
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American stocks began Tuesday on a tentative note, but sharply rose after the U.S. Fed’s Jerome Powell made reassuring comments mid-afternoon. The Fed chied admitted that inflation has recently been stronger than expected, but reiterated that it will likely wane. As a result, the American indices closed on strength with the Dow up 0.21%, the S&P 0.51% and the Nasdaq 0.79% to make a new all-time high at 14,253.
Tech, of course, enjoyed the strongest gains as Facebook rallied 2.03% and Adobe 1.48% to both make new highs. Though well off its own all-time highs, Peloton soared 8.38% after launching a new fitness program aimed at businesses. Meanwhile, meme favourite GameStop popped 10% after raising $1.1 billion in a stock sale. Speaking of volatile, Bitcoin began the session sliding 10% below $30,000 for the first time since January after China continued to crackdown on cryptos. However, traders pushed Bitcoin to nearly 1% by the session’s end. The U.S. 10-year slipped to 1.47%.
The TSX also had a good session, rising 0.22%, led by tech and consumer staples. Energy was the laggard, but showed only mild weakness. Canada Goose soared 6.74% and Ballard Power jumped 6.12%. Other gainers included Blackberry at 4.56% and Lundin Mining up 3.89%. Though still at yearly highs, WTI gave back around 0.8% but stayed above $73 per barrel, as WCS surrendered 0.2%. Several miners lost ground such as Equinox Gold at -3.86%
🕵️♂️ Facebook +2.03%
💾 Adobe Systems +1.48%
🚲 Peloton Interactive +8.38%
🎮 GameStop Corp. +10%
🅱 The Bitcoin Fund -1%
🧣 Canada Goose Holdings +6.74%
🔋 Ballard Power Systems +6.12%
📱 BlackBerry +4.56%
⛏ Lundin Mining Corp. +3.89%
🥇 Equinox Gold -3.86%
