TSX inches up before Christmas

Markets closed early on Christmas Eve, with the New York indices closing flat, either slightly negative or positive, while the TSX gained 0.3% to break yet another all-time high. Despite a weak year for energy stocks and a flat one for the big banks, the TSX has risen around 20% year-to-date, though it lags the Nasdaq and S&P. REITs and materials pushed up the TSX, and gold continued to march upwards. For example, OceanaGold spiked 9.78%. Cannabis also enjoyed a good session, with Supreme gaining 8.2%. In the U.S., chipmakers continued their run up following the US-China trade deal. AMD rallied 2.38%. This year’s tax-loss selling season took a backseat to that trade deal, and the Santa Claus Rally actually began early. Consensus shows that the markets should remain stable, if not inch higher, for the rest of this year. Wall Street is back in business on Dec. 26, but other markets including the TSX, don’t re-open until Friday. All-in-all, investors have a lot to celebrate this Christmas. Happy holidays!