Semis spike as markets grind higher
Except for the Dow, the major indices in Toronto and New York edged up Thursday into record territory, with utilities leading the charge on both sides of the border, and semi-conductors rallying in the U.S. In fact, Intel reported an earnings beat and soaring cloud revenues after the Thursday bell. It rose nearly 1% during the day’s trading and leapt another 6% after hours.
Its peer, Western Digital, also enjoyed a banner session, rising 3.34%. Green utility, Boralex, continued to climb to new all-time highs, rallying over 1% to close at an even $27. Brookfield Asset Management also rose over 1% to also close at new high of $82.15. Weed stocks continued their marathon run uphill while Maple Leafs Foods spiked 3.83%. On the downside were crude, oil stocks and gold, although gold stocks continued to climb.
As for geopolitics, markets were confident–or ignoring–the impeachment trial of Trump in Washington, and China appeared to be containing the coronavirus. So far. However, there is a growing concern that valuations are getting stretched and that investors are growing “irrationally exhuberant,” a term that is gaining more currency.