It’s been a bounce-back week thus far for U.S. markets, lifted by the technology sector, recovering oil prices and news that Pfizer’s Covid-19 vaccine received full approval from U.S. regulators, which health officials hope will convince vaccine-hesitant Americans to get the shot.
Another area of focus this week was Jackson Hole, Wyoming, where Fed officials will meet to discuss key policy questions – specifically, how long higher inflation will last, and the winding down of stimulus. Expect more direction from the Fed on Friday.
All four major North American markets were in the green Monday, with the Nasdaq hitting another record close, while the TSX jumped 138 points, led by the energy and materials sectors.
Energy stocks turned in another strong performance Tuesday, with Brent crude climbing 3.4% to hit the $71 per-barrel mark. Tuesday’s gains were a bit more moderate, with the Dow adding 30, while the S&P and Nasdaq gained 6 and 77, respectively. The TSX added 70, boosted again by energy names.
The TSX closed at an all-time high Wednesday, with the financials sector ending in positive territory — despite bank stocks retreating from intraday highs after the Liberals revealed plans to increase their corporate tax rate. In the U.S., all three major markets posted moderate gains once again, with new record highs for the S&P 500 and Nasdaq. In economic news, new data released Thursday showed that the U.S. economy grew 6.6% on an annualized basis in Q2, while weekly jobless claims were 353,000, up slightly from the prior week.
All four major North American markets took a step back Thursday as concerns over Afghanistan took centre stage after a terrorist attack at the Kabul airport. According to initial reports, more than 70 people were killed. All three U.S. indexes registered moderate losses, while the TSX dropped 83 points, weighed down by the financials sector.
source https://richarddri.ca/markets-recover-lost-ground-post-new-highs/
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