TSX Keeps Streak Alive - InvestingChannel

TSX Keeps Streak Alive

Stocks in Canada’s largest centre again flexed their muscles on Monday, as consumer and real-estate issues carried the day.

The TSX came off its highs of the morning, but remained positive 76.82 points, to close Monday at 18,457.78

The Canadian dollar dropped 0.26 cents at 78.89 cents U.S.

On a day without macroeconomic figures to consider, news came out that Canada’s health regulator will launch a public consultation program on Monday in its draft guidance for individuals growing medical cannabis at home, hoping to clamp down on people selling weed on the black market.

Among the main gainers were consumer discretionary issues, led by Restaurant Brands, up $3.74, or 4.7%, to $82.80, while Linamar gained $2.63, or 3.6%, to $74.98.

Real-estate concerns proved strong, too, as Dream Office REIT units gathered 78 cents, or 3.8%, to $21.40, while H&R REIT picked up 52 cents, or 3.6%, to $14.79.

In communications, TELUS zoomed 46 cents, or 1.8%, to $26.82, while BCE shares advanced 93 cents, or 1.6%, to $57.86.

Tech stocks, however, went in the opposite directions, with Lightspeed POS retreating $5.38, or 7.3%, to $68.59, while Shopify fell $67.30, or 4.7%, to $1364.50.

Among golds, B2Gold gave back a dime, or 1.8%, to $5.62, while Centerra Gold dipped 19 cents, or 1.5%, to $12.26.

In energy, Whitecap Resources forked over 25 cents, or 3.7%, to $6.51, while Vermilion Energy doffed 31 cents, or 3.3%, to $9.08.

ON BAYSTREET

The TSX Venture Exchange gained 12.71 points, or 1.4%, to conclude trading Monday at 931.97

Eight of the 12 TSX subgroups were positive by the closing bell, with consumer discretionary surging 2.1%, real-estate soaring 2%, and communications up 1.4%.

The four laggards were weighed most by information technology, sliding 1%, gold, bowing 0.9%, and energy, off 0.7%.

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ON WALLSTREET

The Dow Jones Industrial Average climbed on Monday as investors piled into economic comeback plays after Senate approval of a new COVID stimulus package, while a continuous selloff in high-flying tech shares put pressure on the broader market.

The 30-stock index leaped 306.14, or 1.4%, points to finish Monday at 31,802.44

The S&P backed off 20.49 points to 3,821.35.

The NASDAQ Composite stumbled 310.99 points, or 2.4%, to 12,457.78, as Apple dropped 4.2% and Tesla fell 5.8%. Alphabet and Netflix both slipped more than 4%. The tech-heavy benchmark closed more than 10% below its 52-week high, falling into correction territory.

For March, the Dow Industrials, leveraged more to the reopening, is up 2.8%, while the NASDAQ is off by 4.4%. Meanwhile, the broader S&P 500 is up 0.3%.

Disney shares added more than 6% after California eased COVID rules, paving the way for Disneyland to reopen on a limited basis in April. American Airlines jumped nearly 5%, while United Airlines popped 7%. Target rose 2.5%.

The Senate passed a $1.9-trillion economic relief and stimulus bill on Saturday, paving the way for extensions to unemployment benefits, another round of stimulus checks and aid to state and local governments.

The Democrat-controlled House is expected to pass the bill later this week. President Joe Biden is expected to sign it into law before unemployment aid programs expire on March 14.

Prices for 10-Year Treasurys sagged, raising yields to 1.61% from Friday’s 1.57%. Treasury prices and yields move in opposite directions.

Oil prices shed $1.41 to $64.48 U.S. a barrel.

Gold prices dulled $20.60 to $1,677.90.