Stocks surge Friday to cap volatile week
After a weak open Friday morning, stocks on both sides of the border rallied and closed on session highs to conclude a wild week. Again, tech stocks were the focus as the Nasdaq barely climbed into the positive for the week, which saw a 7% move.
The Nasdaq surged 3.13% on Friday to 13,770, propelled by Apple and Visa which both reported blowout earnings late Thursday and soared nearly 7% and 10.57% respectively. Meanwhile, the S&P jumped 2.44% (barely positive for the week) and the Dow swung 800 points during the day to finish 1.66% higher. Notable gainers: Amazon 2.88%, Alphabet 3.08%, Chipotle 4.76% and Mastercard 8.85%. Laggards: Caterpillar -5.19%, 3M -4.14%, Chevron -3.47% and Western Digital -7.32%. The U.S. 10-year yield slipped to 1.7822% while Bitcoin rose over 5% to nearly $38,000.
The TSX saw more modest gains of 0.68% but added 120 points for the week. Only the materials lagged, while tech ripped the highest. Gainers: Hexo 8.33%, Kinaxis 7.4%, Organigram 7.19%, Shopify 7.11% and Arc Resources 6.88%. Losing ground were Teck Resources at -3.59%, Copper Mountain Mining -2.96% and Turquoise Hill Resources -3.92%. Oil continued to climb higher as WTI crude gained 0.8% psat $87 a barrel though WCS was flat around $74.30. Meanwhile, gold dipped below $1,800 an ounce, down 0.4%. Investors are bracing themselves for continued volatility next week, though more key earnings may lift markets like Friday and some wonder if we are hitting a bottom.
🍎 Apple (AAPL-Q) +7%
💳 Visa Inc. (V-N) +10.57%
📦 Amazon.com (AMZN-Q) +2.88%
🧮 Alphabet Inc. / Google (GOOG-Q) +3.08%
🌶 Chipotle Mexican Grill (CMG-N) +4.76%
💳 Mastercard Inc. (MA-N) +8.85%
🏗 Caterpillar (CAT-N) -5.19%
💾 3M Co. (MMM-N) -4.14%
🛢 Chevron Texaco (CVX-N) -3.47%
💿 Western Digital (WDC-Q) -7.32%
🅱 Bitcoin Cash (CRYPTO:BCH) +5%
🌿 Hexo Corp (HEXO-T) +8.33%
💻 Kinaxis Inc (KXS-T) +7.4%
🌿 OrganiGram Holdings Inc. (OGI-T) +7.19%
🛍 Shopify Inc. (SHOP-T) +7.11%
🛢 Arc Resources Ltd (ARX-T) +6.88%
⛏ Teck Resources Ltd. (B) (TECK.B-T) -3.59%
⛏ Copper Mountain Mining (CMMC-T) -2.96%
⛏ Turquoise Hill Resources (TRQ-T) -3.92%
