September 24, 2021

Stocks Rise by Noon

4 min read
Stocks in Toronto climbed the charts midday Thursday, benefiting from the general good vibes from...

Stocks in Toronto climbed the charts midday Thursday, benefiting from the general good vibes from throughout North America and the prospect of stimulus measures from the Trudeau government.

The TSX raced higher 128.13 points to reach noon Thursday at 19,299.79.

The Canadian dollar slid 0.14 cents to 79.75 cents U.S.

Gold led the charge, with Barrick Gold jumped $1.25, or 4.7{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}, to $27.67. Other resource shares in the bows, with Teck Resources perking 34 cents, or 1.3{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}, to $27.50.

In tech stocks, Shopify ballooned $38.92, or 2.6{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}, to $1514.98.

Energy proved a downer, with Crescent Point Energy sliding eight cents, or 1.6{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}, to $4.97.

Utilities also fell, with Boralex off 93 cents, or 2.2{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}, to $41.79.

Financials, like Laurentian Bank, dropped 24 cents to $40.37.

On the economic stage, Statistics Canada reported manufacturing sales decreased 1.6{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d} to $55.4 billion in February, following a 3.4{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d} increase in January. Lower sales of motor vehicles and motor vehicle parts were largely responsible for the decline.

Elsewhere, the Canadian Real Estate Association reported home sales recorded over Canadian MLS Systems climbed 5.2{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d} between February and March to set another new all-time record.

ON BAYSTREET

The TSX Venture Exchange regrouped 13.5 points, or 1.5{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}, to 938.16.

All but three of the 12 TSX subgroups were positive midday, with gold brightening 4.3{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}, materials stronger by 3.1{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}, and information technology, which prospered 0.7{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}.

The three laggards were energy, down 0.5{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}, and utilities, dipping 0.4{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}., and financials, fading 0.4{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}.

ON WALLSTREET

U.S. stocks climbed to record levels on Thursday after key companies reported strong earnings and fresh economic data pointed to a rebound in consumer spending and the jobs market.

The Dow Jones Industrials galloped 283.34 points to stop for lunch at 34,014.23, to hit an all-time high.

The S&P 500 gained 40.86 points, or 1{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}, to 4,165.52, also reaching an intraday record.

The NASDAQ Composite regained 151.46 points, or 1.1{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}, to 14,009.30.

Shares of UnitedHealth, a Dow member, gained 4{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d} after results topped the Street’s forecasts and the health insurer raised guidance for 2021.

Pepsi shares added 0.3{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d} after the consumer snack and drink maker said sales last quarter rose nearly 7{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}, topping estimates.

Shares of Citigroup climbed 2{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d} after the bank posted results that beat analysts’ estimates for first-quarter profit with strong investment banking revenue and a bigger-than-expected release of loan-loss reserves.

Bank of America shares rose as earnings last quarter blew past the Street on booming trading and investment banking results as well the release of loan-loss reserves. The shares dipped 2{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}, however.

Newly public crypto exchange Coinbase erased earlier gains and turned negative on Thursday. The stock got a boost earlier after it was revealed Ark Invest’s Cathie Wood loaded up on the first day of trading.

Retail sales surged 9.8{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d} in March as additional stimulus sent consumer spending soaring, the Commerce Department reported Thursday. That number topped the Dow Jones estimate of a 6.1{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d} gain.

A separate report on Thursday showed that first-time filings for unemployment insurance dropped to the lowest level since March 2020. The U.S. Labor Department reported 576,000 new jobless claims for the week ended April 10. Economists polled by Dow Jones expected a total of 710,000.

Prices for 10-Year Treasurys zoomed, lowering yields to 1.54{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d} from Wednesday’s 1.63{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}. Treasury prices and yields move in opposite directions.

Oil prices picked up a dime to $63.25 U.S. a barrel.

Gold regained $32.80 to $1,769.10 U.S. an ounce.

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