U.S. Markets Hit Record Highs on Stimulus Hopes
Technology stocks climbed Monday, extending a 2020 rally that’s fueled much of the market’s gains since March. The Nasdaq was up 62 points, while the Dow lost 185 and the S&P dropped 16. As of Monday, the Nasdaq was up nearly 40 per cent for the year, while the S&P and Dow had added 13 per cent and 4.6 per cent, respectively.
While markets climbed early on growing hopes for a new U.S. stimulus deal, optimism faded later in the session as investors weighed the potential for further lockdowns in the U.S. In Canada, the TSX lost 161 points, weighed down by the energy, financials and materials sectors.
It was a rough session for N.A. markets Wednesday, with the TSX off nearly 80 points as the materials and tech sector weighed on the index. In the U.S., markets retreated from record highs as negotiations stalled once again between lawmakers looking to pass another fiscal stimulus package.
U.S. markets retreated Thursday morning after fresh data showed new jobless claims jumped sharply last week to 853,000 substantially more than economists had forecast. The latest jobs data underscores the desperate need for more stimulus, but Republicans seem unwilling to sign off on a substantial spending bill. Also weighing on sentiment was the latest coronavirus data from the U.S., with the death toll climbing to a new single-day record of 3,100. By Thursday’s close, the numbers were mixed: the Dow was down 75 points, the Nasdaq was up 67, and the TSX added 33.