S&P/TSX composite up almost 100 points Monday, U.S. markets also up



Canada’s fundamental stock index was up by practically 100 points Monday, with broad-based positive aspects in most sectors, whereas U.S. stock markets also climbed larger.

The S&P/TSX composite index was up 96.10 points at 19,545.91.

In New York, the Dow Jones industrial common was up 423.78 points at 32,827.00. The S&P 500 index was up 36.25 points at 3,806.80, whereas the Nasdaq composite was up 89.26 points at 10,564.52.

Markets continued the rally from Friday, however gave again a few of their wins, mentioned John Zechner, chairman and lead fairness supervisor at J Zechner Associates.

For instance, oil and copper costs had been down Monday, whereas on the TSX utilities and base metals had been also down.

On Friday, stronger-than-expected jobs information on each side of the border had markets up, and the Canadian greenback gained greater than a cent.

“I feel that the rally you noticed on Friday was considerably uncommon,” mentioned Zechner.

The Canadian greenback traded for 74.11 cents US, in contrast with 73.98 cents US on Friday.

The December crude contract was down 82 cents at US$91.79 per barrel and the December pure fuel contract was up 54 cents at US$6.94 per mmBTU.

The December gold contract was up US$3.90 at US$1,680.50 an oz and the December copper contract was down eight cents at US$3.60 a pound.

The second half of the fourth quarter is a seasonally robust interval for the markets, mentioned Zechner. Even the tech sector, which has been weighing on U.S. markets specifically in current weeks, had a good day Monday, he mentioned.

But regardless of the market optimism, Zechner mentioned he stays cautious.

“I’m somewhat hesitant to leap on the bandwagon,” he mentioned.

With inflation information coming quickly in Canada and the U.S., Zechner mentioned he is involved it will not development down as rapidly as traders — and central banks — hope, although it is doubtless peaked.

“I feel the shock in all of this … is that the financial numbers have not likely rolled over but, which is shocking given how aggressive charges have elevated all year long.”

However, it is potential that as an alternative of a gradual month-to-month decline, financial information will catch up with a crash, mentioned Zechner.

He famous that a few of the extra main numbers like housing gross sales and costs have begun their descent.

“There’s going to be an impression, that simply hasn’t perhaps occurred as rapidly as we’d have anticipated.”

The U.S. will report inflation information this Thursday, whereas Canada’s subsequent launch is scheduled for Nov. 16.

This report by The Canadian Press was first revealed Nov. 7, 2022.


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