Stocks rebound before close to end choppy week
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Markets rallied–and the U.S. 10-year Treasury yield climbed–to end another volatile week. In fact, the major American indices and the TSX were positive for most of Friday, but jumped in the dying minutes. The S&P finished 1.66%, the Dow 1.39%, the Nasdaq 1.24% and the TSX 0.54%. The 10-year rose over 2% to 1.67% by the close. It was another session where both the yield and tech stocks rose in tandem, suggesting that the counter-correlation is fading.
Stocks rallied nearly across the board with tech showing the biggest gains. Cisco and Adobe leapt 4% and Intel by 4.6%. After recent troubles with Chinese authorities, Nike recovered 3.38% Friday. Industrial names enjoyed a boost, such as Caterpillar, rising 2.34%. Applied Materials jumped 7.45% while housing name DR Horton advanced 4.42%. However, media stocks got crushed: ViacomCBS finished -27.31% after several degrades and sharp run-up this year, and Discovery closed at -27.45%. Despite a choppy week, the Nasdaq is only 8% off its mid-February peak, while the Dow gained 445 points for the week.
A giant tanker continues to block the Suez Canal, a vital shipping lane, which helped lift WTI and WCS oil prices by 4-5%. That in turn, helped the Toronto index for Friday, though it lost 102 points for the week. No energy that oil was the strongest seector Friday, followed by materials. Tamarack Valley jumped 11% while Cardinal Energy soared 9.65% and Teck Resources 5.6%. After issuing more shares, Telus slid 3.47%, while cannabis names like Aphria fell 3.45%
📱 Cisco +4%
💾 Adobe Systems +4%
💾 Intel +4.6%
👟 Nike Inc +3.38%
🏗 Caterpillar +2.34%
🏗 Applied Materials +7.45%
🏡 D R Horton Inc. +4.42%
📺 ViacomCBS -27.31%
📺 Discovery Communications Inc -27.45%
🛢 Tamarack Valley Energy +11%
🛢 Cardinal Energy Ltd +9.65%
🛠 Teck Resources Ltd. (B) +5.6%
📱 Telus Corp -3.47%
🌿 Aphria Inc -3.45%
