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TSX Keeps Hot Streak Going

Baystreet.ca
·3 min read

Equities in Canada’s largest centre extended gains for a third straight session on Thursday, as gold miner stocks gained, while hopes for fresh stimulus in United States further lifted sentiment.

The TSX surged 107.53 points at the outset Thursday to 17,674.74

The Canadian dollar jumped 0.32 cents to 78.77 cents U.S.

Transport Canada is set to announce approval of design changes to Boeing's 737 MAX, in a first step toward bringing the aircraft back to the country's skies after a near two-year flight ban.

Boeing shares surged $2.20, or nearly 1%, in New York first thing Thursday to $228.07.

RBC raised the rating on Athabasca Oil to sector perform from underperform. Athabasca shares acquired half a cent, or 2.9%, to 18 cents.

RBC cut the rating on Cameco Corp to underperform from sector perform. Cameco shares sagged 54 cents, or 3.1%, to $$16.66.

Scotiabank cut the rating on Premier Gold Mines to tender from outperform. Premier shares hopped up six cents, or 2%, to $3.06.

ON BAYSTREET

The TSX Venture Exchange popped 15.59 points, or 2%, to 815.62.

The 12 TSX subgroups divided between gainers and losers, with gold brighter 3.6%, materials hiking 2.7%, and information technology clicking 1.2% higher.

The half-dozen laggards were weighed most by health-care, ailing 1.7%, while real-estate and energy each demurred 0.4%.

ON WALLSTREET

The S&P 500 and NASDAQ Composite opened at record highs on Thursday, boosted by hope of Washington coming through on additional fiscal aid before the end of 2020.

The Dow Jones Industrials began Thursday up 124.71 points to 30,279.25. Apple rose nearly 1% to lead the Dow higher.

Read:

The S&P 500 climbed 13.84 points to 3,715.01. Utilities and materials were the best-performing sectors in the S&P 500, rising more than 1% each.

The NASDAQ advanced 59.87 points above Wednesday’s record closing high, to 12,718.05,

Congressional leaders on Wednesday closed in on a $900-billion stimulus package that would include direct payments to individuals.
Media reports say the measure would exclude liability protections for businesses as well as aid to state and local governments. Disagreements over those issues have been a stumbling block in the latest round of negotiations.

The latest round of U.S. fiscal stimulus talks comes as COVID-19 cases increase at a record pace. The U.S. is recording at least 215,729 additional COVID-19 cases each day, based on a seven-day average calculated using Johns Hopkins University data. On Wednesday alone, more than 247,000 new infections were confirmed.

This resurgence in COVID-19 cases has led to states re-imposing stricter social-distancing measures that are slowing down parts of the economy, especially the labour market.

On Thursday, data showed jobless claims totaled 885,000 last week, hitting their highest level since early September. Economists expected 808,000 workers sought state jobless benefits during the week ended Dec. 12.

On Wednesday, the Federal Reserve pledged to do its part by continuing to buy bonds until the economic recovery was completed. Fed Chairman Jerome Powell also said the central bank would increase its bond purchases if the recovery slows down.

Prices for the 10-Year Treasury dipped, raising yields to 0.90% from Wednesday’s 0.92%. Treasury prices and yields move in opposite directions.

Oil prices improved 55 cents to $48.37 U.S. a barrel.

Gold prices spiked $40.70 to $1,899.80