Stocks bounce back on strong U.S. data
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Stocks rebounded Friday to end a choppy week with the main American indices and the TSX all closing just shy of record highs set seven days ago. The Nasdaq roared back 1.44% as tech led gains, followed by the S&P at 1.09%, the Dow at 0.67% and the TSX at a more modest 0.37%. Investors shrugged off Thursday’s reports of Biden hiking the U.S. capital gains tax which will help pay his hefty infrastructure plan. Also, investors were encouraged by news data showing strong factory activity and housing starts to blew away estimates. The rally was broad, lifting all Dow sectors.
Goldman Sachs popped 2.57%, Apple climbed 1.8% and Dow 1.94%. Travel advanced as American Airlines soared 5.18%. In contrast, Intel plunged 5.32% following a disappointing Q1 report.
The picture was more mixed in Toronto as financials and energy rallied, leaving behind the other sectors. Still, the TSX returned to 19,100 with big gains coming from AutoCanada at 8.17%, Lightspeed 4.05%. Ballard power 7.51% and Spin Master 4.12%. several gold names gave back recent gains, such as Kinross at -2.86%. Also slipping were Aecon at -2.46% and Intertape Polymer at -2.48%. Crude oil prices climbed over 1%, gold slipped 0.3% and Bitcoin plunged below $50,000, but finished above $51,000 by the close.
🏛 Goldman Sachs +2.57%
🍎 Apple +1.8%
🛫 American Airlines Group +5.18%
💾 Intel -5.32%
🚗 AutoCanada Inc. +8.17%
💿 Lightspeed POS +4.05%
🔋 Ballard Power Systems +7.51%
🧸 Spin Master Corp +4.12%
🥇 Kinross Gold -2.86%
🏗 Aecon Group Inc -2.46%
📦 Intertape Polymer Group -2.48%
