Markets

Update: TSX Rallies Following Xmas Break, Paced by Tech & Energy Stocks

Dice with pencil on graph paper

Canada's main stock market returned from a two-day Christmas break and posted solid gains, following in the footsteps of Wall Street's record session on Wednesday. The S&P/TSX Composite Index soared 385 points or 2.8% on Thursday, paced by tech and energy issues.

Wall Street closed higher in light trading, after jumping nearly 5% in the previous session, when the Dow Jones posted its biggest single-day gain ever. Today, the Dow Jones added 1.1%, rebounding from early lows, the S&P 500 gained 0.8% and the Nasdaq was up 0.4%.

On the TSX, the tech sector was up 5.2% while energy added 5.4%, even as crude oil dropped 3.5%. Financials and materials were up about 2%. All of the TSX sectors were in the green today.

In stock news, heavily traded Aphria (APHA.TO) lost 0.5% while Aurora Cannabis (ACB.TO) gained 1.3% and Bombardier (BBD-B.TO) added 2.7%. Manulife (MFC.TO) gained 3% while Suncor Energy (SU.TO) was up 5.5%, despite falling oil prices .

In economic news, the CFIB's Business Barometer tumbled to 53.6 in December from 61.2 in November, its lowest level since March 2016. The decline is consistent with an erosion in the outlook of small- and medium-sized companies to end this year.

The Canadian dollar fell about a fifth of a cent to 73.46 US.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Other Topics

Stocks

Latest Markets Videos

    MTNewswires

    Founded in 1999, MT Newswires (formerly known as Midnight Trader) is a leading provider of original source, multi-asset class, real-time, global financial news and information to most of the largest banks, brokerage firms and professional market data, trading & research applications in North America.

    Learn More