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Rosy U.S. and Chinese data push markets to new highs as streaming gears up
Allan Tong
Posted On November 1, 2019
Markets on both sides of the border ended on optimism as the S&P and Nasdaq made new all-time highs while the Dow rose a full percent. The TSX closed 110 points higher, near 15,600. Unlike recent up days, Friday boasted strong, above-average volumes. One of the key catalysts was that Friday’s U.S. jobs report was rosier than expected, though the manufacturing sector shrunk for the third-straight month. Further,, manufacturing in China surprisingly expanded in October.
Earnings continued to roll in. Fairfax Financial announced Q3 earnings which nosedived 35% to US$68.6 million, which reflected US$96.7 million in net investment losses. Investors remained confident. Fairfax closed Friday up 3.05%, rallying after a morning sell-off. The tech space was especially busy on Friday. Google announced it was buying Fitbit for US$2.1 billion and will now take on Samsung and Apple in the wearables sector. Alphabet/Google inched up Friday by 1.06%.
Speaking of Apple, the iPhone giant launched its streaming service, Apple+, in over 100 countries on Friday. This launch comes shortly before the Nov. 12 debut of another big streamer, Disney+. Disney shares leapt 2.16%. Suddenly, investors are watching the streaming space. Netflix closed down 0.21%.
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