TSX catches up to Monday’s U.S. rally as Wall Street gives back some
Tuesday saw two different trading sessions between Toronto and New York. The TSX reopened after Victoria Day to surge 1.82% pretty much throughout the day.
Cannabis stocks enjoyed a strong session. The Green Organic Dutchman soared 85%. Gains were enjoyed across the board, starting with energy, real estate and industrials. For instance, Americas Gold and Silver popped 18.1% while Torc Oil & Gas rallied nearly 19%.
In contrast, on Wall Street the session went sideways and was modestly positive until the last hour when stocks sold-off to give back a third of Monday’s big 3% gains. The Dow fell 1.59% athough the Nasdaq surrendered only 0.59%. All Dow components closed down. A crtiical report triggered the sell-off, throwing cold water on the optimistic news Monday that Moderna reported positive results for its Covid-19 vaccine. Fair enough, but this drug is still in Phase 1 testing. Moderna lost over 10% and surrendered a chunk of its monster rally Monday. One of the few gainers, though was the highly popular Zoom Video, which jumped 5.46%. Meanwhile, WTI declined 2% while a barrel of WCS tumbled 16% to $23.