Stocks Continue on Post-Election High
November 24, 2020 at 12:01 PM EST
Tuesday, November 24, 2020 12:01 PM EST Stocks Continue on Post-Election High Equities in Canada’s largest market rose on Tuesday, led by a jump in energy stocks, as a third promising COVID-19 vaccine spurred hopes of a quicker economic recovery and drove oil prices to an over eight-month high. The TSX zoomed 185.48 points, or 1.1%, to greet noon EST Tuesday at 17,280.01. The Canadian dollar gained 0.26 cents to 76.75 cents U.S. The largest percentage gainer on the TSX was Aurora Cannabis, which jumped $1.93, or 20.6%, to $11.32, followed by Vermilion Energy, which rose 48 cents, or 9%, to $5.81. Silvercorp Metals fell $1.13, or 13%, the most on the TSX, to $7.56, and the second-biggest decliner was fuel-cell products developer Ballard Power Systems, down 83 cents, or 2.9%, to $27.39. ON BAYSTREET The TSX Venture Exchange got clobbered 7.76 points, or 1%, to break for lunch at 735.93. Eight of the 12 TSX subgroups remained well above breakeven midday, led by energy, up 5.2%, while health-care stocks progressed 3.8%, and consumer discretionary issues picked up 2%. The four laggards were weighed most by gold, fading 2.1%, while consumer staples stumbled 0.6%, and materials retreated 0.5%, ON WALLSTREET The Dow Jones Industrial Average rallied on Tuesday, breaking above 30,000 for the first time as this month’s rally in beaten-down value stocks continued to pick up steam amid positive vaccine news and hope for a strong economic recovery. The 30-stock index rocketed 470.10 points, or 1.6%, to achieve noon Tuesday at 30,061.37. Tuesday’s rally also put the Dow up more than 13% for the month and on track for its biggest monthly gain since 1987. Boeing gained 3.9% and Chevron rose 3.3%, to lead the Dow higher. The S&P 500 jumped 56.32 points, or 1.6%, to 3,633.73, putting it on pace for a record closing high. Energy was the best-performing sector in the S&P 500, rising 4.2%. Financials, meanwhile, advanced 2.7%. The NASDAQ sprinted 126.76 points, or 1.1%, to 12,007.39. 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 $1.79 cents to $44.85 U.S. a barrel. Gold prices lost $35.10 to $1,802.70 U.S.