TSX up on Trudeau win, U.S. mixed
After showing modest gains Tuesday morning, the major indices closed the session mixed a day after a major sell-off.
The S&P closed -0.08% and the Dow -0.14%, but the Nasdaq gained 0.22% and the TSX 0.6%. Canadian investors read Trudeau’s election victory (another Liberal minority) as positive, hoping that his government will continue to issue stimulus in the months ahead. In Toronto, all the sectors closed in the green led by energy. Notable movers included Baytex up 3.32%, Imperial Oil at 3.35% and Brookfield Asset Management jumping 4%. However slipped 1.35%, Linamar lost 2.99% and Teck Resources shed 3.16%. The price of WTI crude edged up 0.4%, and WCS by 0.6%. The Canadian dollar held steady just below 78 cents.
On Wall Street, financials showed moderate strength while industrials lagged. Las Vegas Sands continues to suffer Beijing’s crackdown on Macau’s gamblign industry and slid 5.57%. Disney fell 4.17% and Freeport-McMoran surrendered 2.21%. Gainers included ConocoPhillips up nearly 4%, Moderna by 2.53% and Twitter by 3%. American investors remain cautious as they watch the Evergrande meltdown and await the Fed’s latest announcement on Wednesday. Lastly, gold edged up 0.6% to nearly $1,800 an ounce.
🛢 Baytex Energy Corp +3.32%
🛢 Imperial Oil +3.35%
🏛 Brookfield Asset Management Inc. +4%
🚗 Linamar Corp -2.99%
⛏ Teck Resources Ltd. (B) -3.16%
♠ Las Vegas Sands Corp. -5.57%
👸 Walt Disney Co. -4.17%
🥇 Freeport McMoran Copper & Gold -2.21%
💡 ConocoPhillips +4%
💉 Moderna +2.53%
🐦 Twitter, Inc +3%