Tech and oil extend rally to new highs
Markets on Tuesday continued to grind higher, led by tech and oil again. The TSX climbed 0.34% to a new high of 20,547 while S&P added six points to 4,486, but that was enough to qualify as a new record high. Meanwhile, the Dow inched up 30 points while the Nasdaq rose 0.52% which also recorded a new high of 15,019. Smallcaps and cyclicals also did some heavy lifting as positive sentiment continued to glow from the FDA’s full approval of the Pfizer-BioNTech Covid vaccine on Monday.
In Toronto, energy and tech rallied while staples lagged. Notable movers included Blackberry, jumping nearly 9%, several mining names including Kelt Exploration up 6.84%, and energy stocks such as Cenovus, jumping 4%. Travel stocks like Air Canada also rode the Pfizer wave by climbing 1.54%.
In contrast, Kirkland Lake Gold slipped 1.64% and Peyto Exploration fell 1.78%. The price of WTI crude jumped 3% over $67 per barrel, and WCS 4% to nearly $55. On Wall Street, travel stocks ruled as Airbnb jumped 10%, American Airlines soared 3.77% and Booking Holdings rallied 4.48%. On the downside were Johnson & Johnson which closed -1.25% and Pfizer at -3.1% as healthcare lagged. Gold held at $1,800 an ounce while Bitcoin retreated 2.3%.
📱 BlackBerry +9%
🛢 Kelt Exploration +6.84%
🛢 Cenovus Energy +4%
🛫 Air Canada +1.54%
🥇 Kirkland Lake Gold -1.64%
🛢 Peyto Exploration & Develop. -1.78%
🏠 Airbnb +10%
🛫 American Airlines Group +3.77%
🛫 Booking Holdings Inc. +4.48%
💊 Johnson & Johnson -1.25%
💉 Pfizer Inc -3.1%
🅱 The Bitcoin Fund -2.3%