It was an auspicious start to the trading week on Monday as U.S. stock indexes hit their highest closing values in nearly six weeks. Once again, the surge was largely fueled by tech names, which propelled the Nasdaq nearly 300 points higher, its third-highest close to date. In Canada, the TSX was closed for the Thanksgiving holiday.
However, U.S. stocks wavered Tuesday as mixed earnings reports from airlines to banks weighed on indexes. Investor optimisms also waned Tuesday as uncertainty about a second wave of coronavirus infections and the prospect of new lockdowns threaten to derail the global economic recovery. By Tuesday’s close, the Dow was down 158 points, while the TSX was off 52, with the energy, materials and financial sectors all ending the day with losses.
Wall Street indexes were down again on Wednesday as hopes for a pre-election fiscal stimulus package continue to fade. Key tech names faltered as the Nasdaq dropped nearly 100 points, while the Dow and TSX shed 166 and 55, respectively. Stocks opened lower Thursday and investors fled to U.S. treasuries as tightening coronavirus lockdowns in Europe and a weakening U.S. jobs picture weighed on markets. On Wednesday, France declared a state of emergency and imposed a nightly curfew for Paris and other key regions areas across the country. Meanwhile, U.S. employers continue to shed workers at an alarming pace as a resurgent pandemic and lack of fiscal stimulus weigh on economic growth. New jobless claims data released Thursday revealed that nearly 900,000 Americans last week filed for unemployment benefits–well above analysts’ initial estimates of 830,000. By Thursday’s close, all three major U.S. indexes were slightly in the red, while the TSX inched up 46 points.
N.A. Markets Mixed
For the four trading days covered in this report, the Dow shed 93 points to close at 28,494, the S&P 500 inched up 6 points to settle at 3,483, while the tech-heavy Nasdaq held on to a 133-point gain to close at 11,713. In three days of trading, the TSX dropped 62 points to end at 16,501.
source https://richarddri.ca/markets-slide-as-hopes-for-stimulus-continue-to-fade/
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