TSX flat while New York fades to end a dramatic week
Though the TSX closed flat to end the week, American indices faded on Friday, with the Dow closing down at much as 0.46%. Shortly after the morning bell, the Dow cracked a record 29,000, but proceeded to slip throughout the session. The Nasdaq lost 0.27% Friday, but gained 1.75% on the week.
Embattled Boeing fell 1.91%. The market triggers were likely fatigue, with some investors taking profits, and U.S. job data which indicated that the number of new jobs as well as growth in average hourly earnings in December missed estimates. However, U.S. unemployment remained at a low 3.5%. One of the few bright spots Friday was Beyond Meat, which sizzled 6.45% Friday and soared 25% for the week after a deal with McDonald’s with the meat-substitute company.
In Toronto, materials and real estate were the only strong sectors with gold stocks continuing to climb with Dundee Precious Metals rising 11.2%. A bigger surprise came from the slumping Corus Entertainment delivered earnings and revenue beats on Friday. Corus leapt 6.27%. After a dramatic weak dominated by the threat of war and record highs, investors have the weekend to count their profits and reset until China and the U.S. sign their trade deal next week.