Tech and TSX rally on the Blue Wave
The day after Trump encouraged his supporters to storm Capitol Hill, markets rallied. As the National Guard restored order to Washington after Wednesday’s closing bell, the Democrats won the second Georgia senate seat to ensure their “blue wave” domination of the White House, the House and the Senate. This paves the way for president-elect Joe Biden to execute his agenda.
Thursday markets reacted by extended their Wednesday rally, but most notably tech recovered its losses–the Nasdaq soared 2.56% to break 13,000 for the first time. Apple rose 3.5% as the heaviest-traded stock while AMD followed, up 5.45%. Facebook and Twitter banned Trump from posting further lies about election fraud. FB rose 2%, but Twitter shed 1.75%. Meanwhile, Elon Musk overtook Jeff Bezos as the planet’s richest human as Tesla rocketed nearly 8%. All that paled next to Bitcoin which leapt over 6% to nearly reach $40,000. All Dow components enjoyed gains, though consumer names were mixed.
Also breaking new highs was the TSX, which popped 1.11% to close at 18,025. Lithium Americas leapt nearly 18%, Ballard Power Systems jumped 15.68%, and Shopify rallied 6.89%. Like Facebook, Shopify is reacting to Wednesday’s siege. SHOP is banning shops on that sell Trump swag and Trump’s own brand. Tech, industrials and energy led the Toronto rally while staples and telcos lagged. Weed stocks continued to bloom in the wake of the Blue Wave as Aphria gained 2.45%. Other winners included BlackBerry, up 5.05%, and Enbridge, rising 2.35%.
🍎 Apple +3.5%
💾 Advanced Micro Devices +5.45%
🕵️♂️ Facebook +2%
🐦 Twitter, Inc -1.75%
🚗 Tesla Motors Inc +8%
🥈 Lithium Americas Corp +18%
🔋 Ballard Power Systems +15.68%
🛍 Shopify Inc. +6.89%
🌿 Aphria Inc +2.45%
📱 BlackBerry +5.05%
🛢 Enbridge +2.35%