Canada Stocks Take Two Days of Gains To Near 250 Pts

Tuesday, November 24, 2020 4:08 PM | MT Newswires

Canada's main stock market, the Toronto Stock Exchange, added another near 180 points on Tuesday, topping up on the 75 points gained yesterday and further cementing the Index above the 17,000 level and in positive territory for the year to date -- having now regained more than 50% since the March 2020 lows.

With the Dow today breaching the 30,000 level for the first time, North American stock markets appear to reflect investor optimism that vaccines will allow for a return to normality for many economies next year. New appointments from US President Elect, Joe Biden, also seem to be pleasing market players, including that of Janet Yellen as his Treasury Secretary.

The TSX was up 1.05%, while both the Dow Jones and S&P 500 gained more than 1.5% ahead of the US Thanksgiving holiday coming up on Thursday.

Meanwhile, Action Economics noted, GoCs were cheaper amid the firming in risk appetite. And USD-CAD fell to 1.3025 from 1.3113 as WTI crude oil prices gained

Of commodities, West Texas Intermediate (WTI) crude rose 4.3% to the highest since March on Tuesday on anticipation that vaccines will soon bring an end to the pandemic, returning demand for gasoline and aviation fuel to a normal level in the new year. WTI crude for January delivery closed up $1.85 to US$44.91 per barrel, Marketwatch reported, the highest since March 5. January Brent crude, the global benchmark, was last seen up $1.74 to US$47.80 while Western Canada Select rose $1.93 to US$33.26 per barrel.

Elsewhere, gold fell to the lowest in four months early on Tuesday as the transition away from the Trump Administration officially began after weeks of delay, allowing President-Elect Joe Biden to begin putting economic recovery plans in place. Gold for February delivery closed down $33.20 to US$1,810.90 per ounce in Comex trade, the lowest since mid-July.

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