TSX ends week up, Wall Street mixed
The TSX jumped 0.69% Friday as Wall Street saw mixed trading to close the week. The TSX closed above 16,000 for the first time since March 6 and rose 2.6% for the week, as materials and industrials led Friday’s rally, though energy lagged. The big gainers included High Liner Foods, which soared nearly 11%. Also rallying were a rash of gold names, such as Americas Gold and Silver, up 10.15%. Goodfood Market continued to surge, up 7.47%. The price of WCS plunged over 7%, pressuring names like Crescent Point by 4.5%.
Trading was choppier in New York as the Nasdaq and S&P both climbed 0.28%, but the Dow slipped 0.23%. It was the third-straight week of gains for the Dow and S&P. The Dow rose 2.3% for the week and the S&P advanced 1.3%. Profit-taking and shaky reports from the likes of Netflix pushed the Nasdaq down about 1%. The number of COVID-19 cases in the sunbelt states and U.S.-China trade tensions continue to worry investors.
Higher-than-expected jobless claims didn’t help (though the number of ongoing claims contines to decline). After posting a disappointing quarter following Thursday’s closing bell, Netflix sank 6.52% over doubts about growth. Moderna continued to soar Friday, up almost 16%, as the market hopes it produces an effective vaccine.