Toronto up, New York down to close an historic Q1
With markedly less volatility than recent session, North American markets closed Tuesday with mixed results to end an historic, but brutal Q1. It was the worst first quarter ever for the Dow and S&P, which closed the day at -1.84% and -1.6%. Retail took another hit as chains such as Macy’s (-8.57%) and the Gap (-5.12%) “furloughed” several thousand markets. Instead of being sent into combat, those “furloughed” were staying home without a paycheque. Technically, these workers will remain employees of these companies and will receive benefits through May, but this misfortune speaks to the woes of retail.
Things looked sunnier in Toronto with the TSX rallying 2.61%, fulled by hopes after news that Trump will speak to Russia’s Putin about the ongoing oil war between the latter and Saudi Arabia that is in fact trying to squeeze American shale producers out of the oil market. The TSX’s oil component soared 15.5% with bigger energy names like CNQ spiking 22.46% and Suncor surging 18.4%. Utilities also rallied with Altagas (commonly lumped in with oil stocks) leaping 8.33%.
Of course, markets are watching COVID-19 numbers closely. Good news it at Italy continues to see a decline in new cases, though numbers continue to climb in Canada and the new epicenter, the U.S.