Dow Suffers Worst Day all Year on Fears of new COVID Surge

U.S. stocks dropped sharply on Friday as a new COVID variant found in South Africa triggered a global shift away from risk assets.

The Dow Jones Industrials cratered 905.04 points, or 2.5%, to conclude the post-Thanksgiving session at 34,899.34. U.S. markets were closed Thursday on Thanksgiving Day, and shut down early (around 1 p.m. EST) Friday.

The loss on the week for the blue-chip index was 702 points, or 1.97%.

The S&P 500 index demurred 106.34 points, or 2.3%, to 4,594.62, for a downturn over the last four trading days of 103 points, or 2.2%.

The NASDAQ tumbled 353.57 points, or 2.2%, to 15,481.66, for a loss on the week of 576 points, or 3.59%.

Travel-related stocks were hit hardest with Carnival Corp. and Royal Caribbean down 11% and 13.2%, respectively. United Airlines dropped more than 9%, while American Airlines dropped 8.8%. Boeing lost more than 5% and Marriott International … Read more

TSX Keeps Streak Alive in Light Trading

Equities in Canada’s largest market enjoyed their third-straight session of gains on Thursday, helped out by technology and health-care shares, despite low trading volume because of the U.S. Thanksgiving holiday.

The S&P/TSX Composite gained 73.12 points to finish Thursday trading at 21,621.55.

The Canadian dollar regained 0.07 cents at 79.04 cents U.S.

Tech shares led the parade Thursday, with HUT 8 Mining shooting up 96 cents, or 6.1%, to $16.79, while Dye & Durham took on $1.48, or 3.7%, to $42.00.

In the health-care sector, OrganiGram Holdings gained five cents, or 1.8%, to $2.77, while Chartwell Retirement Residences units picked up 16 cents, or 1.4%, to $12.00.

Real-estate concerns also finished in the green, with Real Matters prospering 21 cents, or 2.5%, to $8.55, while CT REIT units gathered 32 cents, or 1.8%, to $17.75.

Gold weighed things down, though, with Iamgold giving back six cents, or 1.5%, to $3.97, … Read more

S&P, NASDAQ Eke out Small Gains

U.S. stocks pushed modestly higher on Wednesday as the recent jump in bond yields took a breather, allowing tech stocks to recover.

The Dow Jones Industrials climbed to within 9.42 points of breakeven by the closing bell Wednesday to 35,804.38.

The S&P 500 index struggled to a gain of 10.76 points to 4,701.46

The NASDAQ resurfaced 17.42 points to 15,845.23.

Shares of Facebook-parent Meta rose 1.1% to bolster the NASDAQ, while Roku and Peloton shook off rough starts to the week to rise more than 2% each. Computer hardware company HP’s shares got a 10% lift after reporting earnings that beat on the top and bottom lines and issuing higher first-quarter earnings guidance.

The move in rates earlier this week sent investors fleeing from tech and growth shares, while boosting some bank stocks and energy shares.

The divided market has left the Dow in the green for the week so … Read more

NASDAQ Flops for 2nd Straight Day

The NASDAQ Composite fell sharply for the second-straight day as higher interest rates appeared to put pressure on high-flying tech stocks, but banks and industrial names moved higher in a split market on Tuesday.

The Dow Jones Industrials took its Wheaties and powered higher 194.55 points to close at 35,813.80.

The S&P 500 index strengthened 7.76 points to 4,690.70

The NASDAQ moved downward 79.62 points to 15,775.14.

Tuesday’s moves come after the market slid into the close in the previous session after the S&P 500 had hit an intraday record earlier in the session.

Social media giant Meta, the parent company of Facebook, fell more than 1%, while Roku slid more than 2% and biotech stock Moderna dropped more than 4%. Shares of Zoom Video Communications tumbled 17% a day after it beat earnings estimates but warned of a slowdown ahead as the Covid pandemic winds down and the demand … Read more

NASDAQ Tumbles After Powell Renewed as U.S. Fed Chief

Equities south of the border began a holiday-shortened week Monday crawling back from spectacular initial highs, in the wake of U.S. President Joe Biden’s re-nomination of Jerome Powell to head the Federal Reserve.

The Dow Jones Industrials hesitated from its triple-digit highs of the day, before making do with a gain of 17.27 points to 35,619.25.

The S&P 500 index turned into the red 15.02 points to 4,682.94, backing off from an intraday record. The NASDAQ Composite cratered 202.68 points, or 1.3%, to 15,854.76.

Powell, a former private equity executive, slashed interest rates to near zero and implemented emergency asset purchases in March 2020 to help backstop the market during the first wave of the COVID-19 pandemic, helping the financial system to remain operational during a sharp slowdown in economic activity.

He also led a landmark re-evaluation of the Fed’s inflation targeting framework during the COVID crisis.

Bank stocks and … Read more