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TSX rises on bank earnings, Wall St. on momentum

Allan TongAllan Tong Posted On August 26, 2020
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Bank earnings week continued Wednesday as Royal Bank and National Bank both beat Q3 profit expectations. Royal was powered by its capital markets business. Canada’s biggest bank leapt over $100/share for the first time since the pandemic hit to close 1.48% higher while National Bank leapt 4.34%.

Their performances lifted the TSX by 1.04%. The energy sector fell 2.26%., but tech, materials and financials offset that weakness. The price of WTI was flat, though WCS slipped over 2%.

Optimism extended south of the border as the S&P made its fourth-straight record close, up 1.02% and the Nasdaq set its 39th record close so far this year, jumping 1.73% as big tech continued to climb to new heights. Facebook shattered the $300 mark, soaring 8.22%, while Netflix and Roku both popped over 11% on analyst reports. But that paled next to Salesforce which rocketed 26% after it blew past estimates and inspired a rash of analyst upgrades. The Dow climbed 0.3% as financials, healthcare and energy lagged, though industrials, consumer and of course tech stocks compensated. The momentum trade in tech also swept up names like Adobe by 9.1%.

🏛 Royal Bank +1.48%
🏛 National Bank of Canada +4.34%
🕵️‍♂️ Facebook +8.22%
📺 Netflix Inc. +11%
📟 Roku Inc +11%
💨 SalesForce.com Inc. +26%
💾 Adobe Systems +9.1%

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