Stocks soar to end positive week
A marginal improvement in U.S. inflation data inspired a strong market rally in New York as well as Toronto which pushed the indices into the green for the week. The S&P closed 3.06% on Friday and 6.5% for the week, the Nasdaq 3.34% and 7%, and the Dow 2.69% and 5%. All 11 sectors of the S&P were in the green, particularly technology, communications, materials and financials as U.S. banks passed the stress test.
Big gainers were FedEx, up 6.62% gain after delivering a positive quarterly report and full-year forecast. Apple rallied 2.45%, Amazon 3.58%, Meta/Facebook 7.19%, Royal Caribbean 15.77% and fellow cruise line Norwegian up 15.36%. The U.S. 10-year yield hovered around 3.136% while Bitcoin rose 2.5% to below $21,300.
Both WTI and WCS climbed over $3 a barrel to $107 and $89 respectively. Energy, materials, consumer staples and industrials led, though all sectors rallied on the TSX. The Toronto index rose 1.85% and returned above 19,000, though gained only 132 points for the week. Major movers were BlackBerry up 5.87% after their latest quarter surprised, Bausch Health which soared 19.37% after a board shake-up, Baytex adding 9.55%, Suncor by 4.26%, and Athabasca Oil up 8.48%.
📦 FedEx (FDX-N) +6.62%
🍎 Apple (AAPL-Q) +2.45%
📦 Amazon.com (AMZN-Q) +3.58%
🕵️♂️ Meta Platforms Inc / Facebook (FB-Q) +7.19%
🚢 Royal Caribbean Cruises (RCL-N) +15.77%
🚢 Norwegian Cruise Line Holdings (NCLH-N) +15.36%
🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) +2.5%
📱 BlackBerry (BB-T) +5.87%
👨⚕️ Bausch Health Companies Inc. (BHC-T) +19.37%
🛢 Baytex Energy Corp (BTE-T) +9.55%
🛢 Suncor Energy Inc (SU-T) +4.26%
🛢 Athabasca Oil Sands Corp (ATH-T) +8.48%
