U.S. stocks climbed Monday, fueled by a rally in tech stocks and promising news on two coronavirus vaccines progressing toward production, possibly later this year. While the Dow was up slightly, the tech-heavy Nasdaq hit a new closing record, surging 264 points to finish at 10,767. The TSX also closed higher Monday, buoyed by the materials sector, which saw gold rise to its highest levels since 2011.
It was another solid session Tuesday as energy shares climbed higher along with oil prices, boosted in part by news that the European Union reached a historic pact, agreeing on terms for a $2-trillion spending plan. U.S. crude prices hit their highest levels since March, closing at nearly $42 a barrel. By Tuesday’s close, the Dow was up nearly 160, while the TSX fell slightly, despite the oil rally.
Vaccine news once again lifted U.S. stocks on Wednesday as the U.S. government announced a nearly $2-billion deal with Pfizer to secure 600 million doses of its experimental Covid-19 vaccine. The good news was partially offset by reports that a new U.S. fiscal stimulus bill was unlikely to be hammered out this week. By Wednesday’s close, all four major N.A. indexes were in positive territory, with the Dow up 165 points.
U.S. stocks opened lower on Thursday in response to the latest numbers on new U.S. jobless claims, which rose last week for the first time in nearly four months to 1.4 million, a likely indicator that rising coronavirus infections are stalling a recovery in the U.S. labour market. Meanwhile gold prices were back in the news Thursday, closing just below a record high as global investors continue to flock to the safe-haven asset as the U.S. surpasses the 4-million mark for known infections.
source https://richarddri.ca/market-optimism-derailed-thursday-as-u-s-jobless-claims-rise/
Dri Financial Group 