TSX Stays in the Groove - InvestingChannel

TSX Stays in the Groove

Stocks in Toronto maintained the momentum Thursday from which they’d benefited all week, primarily as consumer stocks propped the index up.

The S&P/TSX Composite gained 126.06 points to conclude Thursday’s session at 18,041.97.

The Canadian dollar lost 0.24 cents to 77.98 cents U.S.

Staples dominated the proceedings, as North West Company climbed 70 cents, or 2.1%, to $34.19, while Saputo popped $1.33, or 3.9%, to $35.17.

In the consumer discretionary field, Canada Goose flew over the competition, gaining $9.97, or 22.2%, to $54.87, while Aritzia jumped $1.11, or 4%, to $28.70.

Among techs, Photon Control added 11 cents, or 4.3%, to $2.67, while Absolute Software triumphed 69 cents, or 4.1%, to $17.63.

Gold took some bruises, though, with Osisko Gold Royalties dropping 50 cents, or 3.5%, to $13.82, while New Gold faded 17 cents, or 7.1%, to $2.22.

Health-care stocks also had a rough time of it, with Aurora Cannabis shedding 74 cents, or 4.2%, to $16.78, while Trillium Pharmaceuticals dumping 60 cents, or 3.6%, to $16.10.

In other resources, MAG Silver lost 91 cents, or 3.8%, while Silvercorp Metals gave up 16 cents, or 1.9%, to $8.14.

ON BAYSTREET

The TSX Venture Exchange grew 19.2 points, or 2%, to 998.14.

All but three of the 12 TSX subgroups were positive by day’s end, with consumer staples vaulting 1.2%, while consumer discretionary and information technology each progressed 0.9%.

The three laggards were gold, sinking 1.7%, health-care slipping 0.9%, and materials slumped 0.7%.

ON WALLSTREET

U.S. stocks jumped on Thursday, extending the rally into a fourth straight day as investors assessed a new batch of corporate earnings and solid economic data.

The Dow Jones Industrials popped 322.26 points, or 1.1%, to end Thursday at 31,055.86, closing near its session high.

The S&P 500 took on 41.57 points, or 1.1%, to to a record closing high of 3,871.74, supported by communication services and financials

The NASDAQ Composite jumped 167.2 points, or 1.2%, to 13,777.74, also a record high.

The major averages enjoyed a four-day winning streak as a speculative retail trading mania faded. So far this week, the blue-chip Dow has gained 3.6%, while the S&P 500 has climbed 4.2%, and the NASDAQ have risen 5.4%, GameStop, the poster child of the buying frenzy, has fallen more than 80% this week alone.

EBay jumped more than 5% after beating on both the top and bottom lines and issuing a rosier-than-expected forecast for the first quarter.

PayPal gained more than 7% after strong quarterly results, while Qualcomm slipped over 8% after reporting revenues below consensus estimates for its fiscal first quarter.

Apple rose 2.6% after telling investors it is close to finalizing a deal with Hyundai-Kia to produce driverless cars.

Investor awaited the release of January jobs report on Friday morning. A better-than-expected jobless claims report helped boost sentiment.

First-time claims for unemployment insurance totaled 779,000 for the week ended Jan. 30, below the 830,000 estimate from economists surveyed by Dow Jones.

On the stimulus front, Democrats are moving forward with President Joe Biden’s $1.9-trillion COVID-19 relief proposal. Republicans have countered with a more modest $618-billion package, which includes new stimulus checks of $1,000 per person.

Prices for 10-Year Treasurys regained lost ground, lowering yields to Wednesday’s 1.14%. Treasury prices and yields move in opposite directions.

Oil prices advanced 66 cents to $56.35 U.S. a barrel.

Gold prices dumped $41.40 to $1,793.70 U.S. an ounce.

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