The pre-Easter rally continues on COVID-19 optimism
If Tuesday was a false start on the markets, then Wednesday was the real deal. Rallies on Wall and Bay streets extended the strong, positive performances found on Monday in reaction to ongoing (albeit modest) declines in new COVID-19 cases found in hot spots Italy, Iran and Britain. New York’s mayor reported that ventilator use is lower than expected and new hospitalizations are stabilizing, but warns citizens to remain vigilant.
The Dow and S&P closed up 3.4%, the Nasdaq rose 2.6% and the TSX gained 2.29%. Oil retraced some lost ground with WCS leaping 83% to close at $7.21/barrel. Gold is holding steady around $1,650/ounce.
In Toronto, real estate, energy and tech led gains with names like Summit Industrial REIT popping over 15.71%, Husky Energy up 10.67% and Shopify rising 9.71%. The delayed, but much-anticipated OPEC meeting takes place Thursday. Some hope that the Saudis and Russians can agree to a truce or even end their oil war. In New York, financials, travel and healthcare led the charge. UnitedHealth rallied nearly 8%, Royal Caribbean rose 12% while Goldman Sachs climbed 6.59%. Looking to Thursday, the U.S. will release the latest jobless claims and consumer sentiment data. Take note and stay safe.