Technology stocks climbed Monday, extending a 2020 rally that’s fueled much of the market’s gains since March. The Nasdaq was up 62 points, while the Dow lost 185 and the S&P dropped 16. As of Monday, the Nasdaq was up nearly 40% for the year, while the S&P and Dow had added 13% and 4.6%, respectively. While markets climbed early on growing hopes for a new U.S. stimulus deal, optimism faded later in the session as investors weighed the potential for further lockdowns in the U.S. In Canada, the TSX lost 161 points, weighed down by the energy, financials and materials sectors.
Growing hopes for an economic relief package sent markets higher Tuesday, as U.S. lawmakers continued to make progress during negotiations Monday evening. By Tuesday’s close, the Dow was up 338 points, the S&P added 47, while the Nasdaq jumped 155 to hit yet another record high. The TSX was also up more than 100 points, led by the materials sector, which saw gold prices gain over the likelihood of additional stimulus.
Markets were slightly mixed Wednesday, with the Dow down 44 points, while the S&P and Nasdaq added 6 and 63 points, respectively. In Canada, the TSX ticked higher 61 points. Although stimulus hopes remain high, that was offset somewhat by U.S. retail sales data, which showed a 1.1% drop in November from the prior month, with restaurants, department stores and car dealerships hit especially hard.
Stimulus hopes were once again front and centre for investors Thursday, as U.S. lawmakers closed in on a roughly $900 billion relief deal that includes another round of cheques to struggling U.S. households. In the U.S., the labour market recovery took a step back as new jobless claims rose to 885,000. By Thursday’s close, all three major U.S. benchmarks hit closing records, while the TSX added 85.
source https://richarddri.ca/u-s-markets-hit-record-highs-on-stimulus-hopes/
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