North American stocks ended lower on Monday as investors took profits after strong gains over the past few weeks. The Dow dropped 272 points by Monday’s close, while the TSX lost 191, with the energy sector surrendering more than 6%. Although markets lost some ground Monday, it’s been an historic November, with the Dow up 12%, its best month in over 30 years. It was also an exceptionally strong month for the S&P and Nasdaq, which added 11% and 12%, respectively. Speaking of records, the S&P and Nasdaq closed at record highs on Tuesday, largely over vaccine optimism and strong Chinese factory numbers, raising hopes for global growth. In Canada, the TSX also enjoyed a strong day, gaining more than 100 points, buoyed by the materials and financial sectors.
In loonie news, the Canadian dollar strengthened against the greenback Tuesday as Canadian data showed strong Q3 growth. After a rough second quarter, Canada’s economy grew by 40% in Q3, as businesses and stores reopened after Covid lockdowns. The news was also good for Canadian manufacturing, which expanded for the fifth straight month in November, according to data from IHS Markit.
On Wednesday, U.S. stocks wobbled between gains and losses for much of the day’s trading. While all three major U.S. indexes faltered after the opening bell, improving prospects for a U.S. stimulus package helped the S&P and Dow to register nominal gains by late afternoon.
Turning to U.S. jobs data released Wednesday, private-sector job creation fell off in November with slightly more than 300,000 nonfarm jobs added, short of analysts’ expectations.
In Thursday trading, the Dow and Nasdaq finished slightly higher after initial jobless claims for the previous week declined to 712,000, a hopeful sign for the U.S. labour market. By Thursday’s close, the Nasdaq added 28 points, while the TSX gained 40.
U.S. markets register modest gains; TSX flat
For the four trading days covered in this report, the Dow added 59 points to close at 29,969, the S&P 500 rose 29 points to settle at 3,667, while the tech-heavy Nasdaq climbed 171 points to close at 12,377. In Canada, the TSX was flat, adding a single point to end at 17,398.
source https://richarddri.ca/dow-turns-in-historic-november-performance-u-s-jobless-claims-fall/
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