Triple-Digit Gains Start off TSX’s Day
November 24, 2020 at 10:14 AM EST
Tuesday, November 24, 2020 10:14 AM EST Triple-Digit Gains Start off TSX’s Day First Quantum, Sierra in Focus Canada's main stock index opened higher on Tuesday, led by a jump in energy stocks after oil prices hit their highest since March, with positive developments on a COVID-19 vaccine spurring hopes of a swift economic recovery. The TSX leaped 124.44 points to open Tuesday at 17,218.97. The Canadian dollar inched ahead 0.02 cents to 76.51 cents U.S. RBC raised the target price on Canadian Pacific Railway to $506.00 from $451.00. CP shares fell back $1.46 to $428.90. Jefferies raised the target price on First Quantum Minerals to $33.00 from $20.00. First Quantum shares fattened 84 cents, or 4.8%, to $18.43. Jefferies raised the target price on Sierra Metals to $4.00 from $2.75. Sierra shares picked up 27 cents, or 7.2%, to $4.00. ON BAYSTREET The TSX Venture Exchange began the day 3.28 points in the red at 740.41. Eight of the 12 TSX subgroups were higher to start with, led by energy, up 4%, while health-care stocks progressed 3.3%, and financial stocks gained 1.2%. The four laggards were weighed most by gold, fading 2.3%, while information technology stocks dipped 0.7%, and materials docked 0.6%, ON WALLSTREET Stocks rose for a second day on Tuesday in relief over the Trump administration’s move to begin the transition process. The Dow Jones Industrials leaped 366.76 points, or 1.2%, to start Tuesday at 29,958.03. Boeing took flight 3%, and Chevron chugged 2.6% higher, to lead the Dow higher. The S&P 500 jumped 32.54 points to 3,610.13. Energy was the best-performing sector in the S&P 500, rising 2.8%. The NASDAQ picked up 44.41 points to 11,925.04. General Services Administration chief Emily Murphy told President-elect Joe Biden that the Trump administration is making federal resources available for his transition into office. President Donald Trump tweeted that he approved of the move, but said he will "keep up the good fight" even as his reelection campaign has so far failed to win any legal victories that would invalidate votes for Biden. Investors cheered more promising developments on the Covid-19 vaccine front. AstraZeneca said interim analysis showed its vaccine has an average efficacy of 70%, following strong results from Pfizer-BioNTech and Moderna. Major averages hit their session highs after news broke that Joe Biden will nominate former Federal Reserve Chair Janet Yellen to be Treasury Secretary. Many view Yellen as a market-friendly pick considering that she oversaw a long economic expansion with historically low-interest rates and she’s likely to push for further fiscal stimulus. U.S. markets will be closed for the Thanksgiving holiday on Thursday and will have a short session on Friday. Prices for the 10-Year Treasury were lower, boosting yields to 0.88% from at Monday’s 0.86%. Treasury prices and yields move in opposite directions. Oil prices gained $1.47 cents to $44.53 U.S. a barrel. Gold prices lost $34.10 to $1,803.70 U.S.