Dow, S&P Soar to New Record

U.S. stocks rose again on Friday as the market’s rally to records carried on amid strong earnings from blue-chip companies as well as solid data signaling a snapback in the economy.

The Dow Jones Industrials jumped 164.68 points to close Friday at 34,200.67,

The S&P 500 added 15.05 points to 4,177.52, to hit another fresh high.

S&P 500’s strong performance in recent weeks has pushed its year-to-date gains to more than 11%. Cyclical sectors have been the biggest

winners this year with energy and financials leading the rally.

The NASDAQ Composite restored 13.58 points, to 14,052.34.

Wall Street wrapped up another winning week with the three major benchmarks all gaining more than 1%. The S&P 500 and the Dow posted their fourth straight positive week, while the tech-heavy NASDAQ has registered gains for three weeks in a row.

The last of the six largest U.S. banks to report– Morgan Stanley … Read the rest

TSX Cements Gains for Positive Close

Stocks in Toronto concluded a strong week, with resource stocks pushing higher Friday.

The TSX gained 24.2 points to close the week at 19,346.12. The index leaped 361 points, or 1.9% on the week

The Canadian dollar gained 0.25 cents to 79.96 cents U.S.

Gold stocks stole the show Friday, as B2Gold gained 10 cents, or 1.6%, to $6.35, while Wesdome Gold Mines attached 10 cents, or 1%, to $9.95.

In other resource stocks, Canfor Corp. added $2.10, or 7.1%, to $31.83, while Interfor gained $1.91, or 6%, to $34.02.

Among communications winners, AcuityAd Holdings took on 33 cents, or 2.4%, to $14.12, while Shaw Communications hiked 51 cents, or 1.5%, to $34.97.

Energy, however, got somewhat bruised, as Vermilion Energy slid 36 cents, or 3.9%, to $8.77, while Crescent Point Energy dipped 14 cents, or 2.8%, to $4.86.

In techs, Hut 8 Mining lost 48 cents, or 6%, to … Read the rest

Canada CPI, Bank Rate Word Due Next Week



Economic Lookahead

Durable goods orders (March)

Core capital goods orders (March)

Featured Earnings

Coca-Cola Company (NYSE:KO) (Q1) EPS projected at 50 cents, compared to 51 cents in the prior-year quarter.

International Business Machines Corporation (NYSE:IBM) (Q2) EPS projected at $1.67, compared to $1.84 in the prior-year quarter.

Prologis Inc. (NYSE:PLD) (Q1) EPS projected at 94 cents, compared to 83 cents in the prior-year quarter.


Featured Earnings

Bear Creek Mining Corporation (T.BCM) (Q4) EPS projected for loss of three cents, compared to a loss of four cents in the prior-year quarter.

People Corporation (T.PEO) (Q2) EPS projected at six cents, compared to three cents in the prior-year quarter.

PrairieSky Royalty Ltd. (T.PSK) (Q1) EPS projected at seven cents, compared to six cents in the prior-year quarter.



Economic Lookahead

Case-Shiller home price index (Feb.)

Consumer confidence index (April)

Homeownership rate (Q1)

Featured Earnings

Johnson & Johnson (NYSE:JNJ) … Read the rest

Large Gains for TSX

Stocks in North America celebrated Thursday with huge gains, some reaching record peaks, on strength of resource issues.

The TSX raced higher 150.26 points to close Thursday at 19,321.92.

The Canadian dollar slid 0.12 cents to 79.77 cents U.S.

Gold led the charge, with B2Gold rising 41 cents, or 7%, to $6.27, while Centerra Gold hiked 58 cents, or 5.2%, to $11.80.

In other resources, Fortuna Silver Mines took on 65 cents, or 7.2%, to $9.68, while HudBay Minerals gained 67 cents, or 6.8%, to $10.55.

In real-estate, Interrent REIT picked up 36 cents, or 2.4%, to $15.60, while REAL Matters moved forward 37 cents, or 2.3%, to $16.43.

Health-care issues, however, put a bit of a lid on things, with Organigram retreating 14 cents, or 4.3%, to $3.10, while Aphria caved 77 cents, or 4.3%, to $17.03.

In the energy field, Enerplus dwindled 22 cents, or 3.1%, to $6.78. … Read the rest

S&P Shies Away from Record Levels, on Tech Weakness

The S&P 500 slipped from record levels in volatile trading on Wednesday amid a selloff in technology shares, while investors digested the first batch of corporate earnings that largely exceeded expectations.

The Dow Jones Industrials fell rapidly from its peak of the day, but still registered 53.62 points in the green to close Wednesday at 33,730.89.

The S&P 500 fell 16.93 points to 4,124.66, after hitting a fresh record high earlier in the session.

The NASDAQ Composite slouched 138.26 points, or 1%, to 13,857.84.

Coinbase’s widely watched direct listing on Wednesday opened at $381 on the Nasdaq and shot up as high as $429, but shares quickly rolled over and closed at $328.28. As Coinbase shares reversed lower, bitcoin fell 1.5% to around $61,930 from a record high of more than $63,800.

Crypto investors were hailing the company’s stock market debut as a major milestone for the industry after years … Read the rest

TSX Finishes Flat

Equities in Canada’s largest centre barely held onto gains by the close on Tuesday, supported mostly by health-care and cannabis issues.

The TSX retained 2.42 points in gains to end Tuesday at 19,203.70.

The Canadian dollar was higher 0.21 cents at 79.81 cents U.S.

In the cannabis sector, Aphria towered over Monday’s close, gaining $1.05, or 6%, to $18.52, while OrganiGram Holdings jumped 10 cents, or 2.9%, to $3.60.

In gold, NovaGold sprinted 76 cents, or 3.1%, to $11.83, while Alamos Gold climbed 50 cents, or 5%, to $10.61.

In other resources, Lundin Mining added 55 cents, or 4.2%, to $13.75, while Endeavour Silver triumphed 33 cents, or 5.1%, to $6.84.

Among energy stocks, MEG Energy dropped 11 cents, or 1.6%, to $6.22, while Crescent Point Energy lost eight cents, or 1.7%, to $4.78.

In the financial field, Canaccord Genuity went south 27 cents, or 2.2%, to $11.83, while Bank … Read the rest

Stocks Slip from Record

U.S. stocks hovered near their record levels on Monday as dull trading resumed before the release of widely-watched inflation data and the start of first-quarter corporate earnings.

The Dow Jones Industrials let go of 55.2 points to 33,765.48. Intel was the biggest decliner in the blue-chip Dow, dropping more than 4%.

The S&P 500 inched back 0.81 points to 4,127.99.

The NASDAQ Composite docked 50.19 points to 13,850.

Shares of Nuance Communications jumped nearly 16% after Microsoft announced it will buy the speech recognition company in a $16-billion deal. The Nuance acquisition represents Microsoft’s largest acquisition since it bought LinkedIn for more than $26 billion in 2016.

Nvidia jumped 5.6% after the chip giant said it first quarter revenue for fiscal 2022 is tracking above its previously provided outlook and that it expects demand to continue to exceed supply for much of this year.

The weakness in reopening plays weighed … Read the rest

Dow Achieves Record High with Near-300-Point Hike

U.S. stocks climbed to record levels and closed out Friday at their session highs as Wall Street wrapped up the week with solid gains amid rising reopening optimism.

The Dow Jones Industrials ascended 299.21 points to 33,802.78

The broader index gained 31.63 points, to 4,128.80, for its third straight record.

The NASDAQ Composite soared 70.88 points to 13,900.18.

The blue-chip Dow climbed 2% this week, while the S&P 500 gained about 2.7%, posting its best week since early February. The NASDAQ rallied 3.1% over the same period as major technology names outperformed. Apple jumped more than 8% this week, while Amazon and Alphabet both gained more than 6%.

Stocks linked to the recovering economy led the gains again amid the accelerating vaccine rollout. Carnival Corp rose 2.6% after getting two upgrades on Wall Street amid pent-up demand and potential summer restart. General Electric climbed more than 1%. JPMorgan added 0.8%.… Read the rest

Toronto Stocks Flat by Finish

Stocks in Canada’s largest centre lifted themselves from lower perches to within sight of breakeven by the close on Friday, with health-care and industrials shouldering much of the climb.

The TSX remained in the red 0.84 points from Thursday’s all-time high, to close Friday at 19,228.03. On the week, however, the index enjoyed a gain of 237 points, or 1.26%.

The Canadian dollar gained 0.23 cents at 79.82 cents U.S.

Among energy stocks, Tourmaline Oil stepped back 75 cents, or 3%, to $23.91, while Cenovus Energy dipped 25 cents, or 2.6%, to $9.52.

In the gold patch, New Gold faded 10 cents, or 4.3%, to $2.24, while Centerra Gold lost 17 cents, or 1.5%, to $11.59.

In consumer staples, North West Company gave back 76 cents, or 2.1%, to $36.13, while SunOpta ditched 59 cents, or 1.5%, to $38.89.

Health-care stocks led those groups on the upward path, with Aurora … Read the rest

Wholesale, Housing Figures Due in Canada Next Week



Economic Lookahead

Federal Budget (March)

Featured Earnings

Simulations Plus, Inc. (NASDAQ:SLP) (Q2) EPS projected of 14 cents, compared to 12 cents in the prior-year quarter.


Featured Earnings

Aphria (T:APHA) (Q3) EPS projected for loss of three cents, compared to a loss of four cents in the prior-year quarter.

MTY Food Group Inc. (T:MTY) (Q1) EPS projected of 53 cents, compared to 81 cents in the prior-year quarter.



Economic Lookahead

NFIB small-business index (March)

Consumer Price Index (Marc)

Featured Earnings

Fastenal Company (NASDAQ:FAST) (Q1) EPS projected of 37 cents, compared to 35 cents in the prior-year quarter.

Kura Sushi USA, Inc. (NASDAQ: KRUS) (Q2) EPS projected for loss of 75 cents, compared to a loss of two cents in the prior-year quarter.

MainStreet Bancshares, Inc. (NASDAQ: MNSB) (Q1) EPS projected of 48 cents, compared to 42 cents in the prior-year quarter.


Featured Earnings

Cogeco Communications … Read the rest