Rosy U.S. and Chinese data push markets to new highs as streaming gears up
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%.