Stocks rally on upbeat data, earnings
Markets continued to climb Thursday, driven by various forces: better than expected unemployment claims in the U.S., positive earnings and a gradual decline in Covid cases worldwide. On Wall Street, the S&P (1.09%) and Nasdaq (1.23%) made record highs as the Dow advanced 1.08%. All the Dow components enjoyed gains.
In financials, Visa jumped nearly 4%, and in tech, Cisco Systems climbed 3.23%. Elsewhere, Met Life rose 6.11% and L Brands leapt 9.35% after raising its forecast and planning to spin-off Victoria’s Secret. In contrast, Qualcomm plunged 8.83% after an earnings miss and analyst downgrade.
The TSX rose 0.7% as most sectors gained, though materials lagged. Surging online sales and robust sales in China propelled Canada Goose to deliver an impressive quarter. The stock soared 22.38% in Toronto. Other notable gainers included Kelt Exploration, up 11.44%, Methanex at 6.44% and GFL Environmental up 5.81%. Many gold and silver names reversed direction from earlier this week by giving back some of those gains. Oil continued to break new one-year highs as the price of WTI and WSC climbed around 1.25%. Meanwhile, the price of gold lost over 2%. Nearly 90% of stocks are trading above their 200-day moving averages, which indicates a strong bullish run, but also the vulnerability of a pullback.