Wall St. rebounds as TSX extends rally on reopening hopes
On Wednesday, the S&P and Nasdaq erased Tuesday’s losses as markets in New York and Toronto were lifted by general optimism over economies gradually reopening. Al 11 sectors of the S&P traded higher with the S&P closing about 12% from its all-time peak. The Dow rose 1.52% and lags its all-time high by 17%.
However, the Nasdaq climbed 2.08% to close just 5% shy of its record high. Facebook and Amazon closed Wednesday at at all-time highs. The social media giant soared 6% to close right below $230, while the e-commerce behemoth ticked up nearly 2% to close at $2,497.
The TSX continued its Tuesday rally as it climbed 0.75%. Energy and industrials fuelled the rise as WCS gained 3.7% to nearly $24/barrel and WTI jumped 5% past $33/barrel, after it was reported that U.S. oil supplies fell an unexpected 5 million barrels last week. Energy names like Whitecap Resources and Husky soared 16.49% and 10.51%, respectively. Other notable gainers include two Canadian icons, CP Rail, up 5.12%, and Canadian Tire, rising 3.12% as its stores are seeing long lines during the reopening. The risk-on appetite Wednesday meant that bond proxies like utilities fell. Meanwhile, gold remained steady at $1,748/ounce.