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As Joe Biden, the 46th President of the United States, took charge of the Oval Office, the broader indices of both Canada and the United States rallied.
The S&P/TSX Composite, the largely tracked equity index in Canada, settled 57.54 points or 0.32% higher at 18,014.91. The index registered an intraday high of 18,027.52 and a low of 17,911.50, before closing at 18,014.91. Other leading indices also closed in green with the S&P/TSX 60 up 0.21%, S&P/TSX MidCap surged 0.74%, the S&P/TSX SmallCap climbed 0.65%.
The S&P/TSX Venture Index, the benchmark index of the junior Canadian stock exchange, surged 1.57%.
All three major indices of the New York Stock Exchange (NYSE) settled in green, with the technology dominated Nasdaq Composite surged to a new record high of 13,485.92 before settling 260 points or 1.97% higher at 13,457.25. The Dow Jones Industrials moved 0.83% or 258 points ahead to 31,188.38. The S&P 500 registered a new all-time high of 3,851.85 after adding 1.39% or 53 points.
Along with equities, Gold futures also soared up by 1.62% to $1,870.10/oz.
However, oil traded slightly lower on Biden’s presidency, who’s pro-clean and renewable energy, and unlike Donald Trump, who was big supporter for traditional fossil fuels. Brent Oil futures slumped 0.38% to $55.69/bbl and Crude WTI futures went down 0.04% to $52.96/bbl.
Yield on the United States 10-Year Treasury Bonds dropped by 1.39% to 1.077%. The Canadian 10-Year Government Bond Yield also went down by 0.99% to 0.83%.
5-day Price Chart (as on January 20th, 2021). Source: EODHD/Others (Thomson Reuters)
Market Cues*
Top Gainers on TSX Composite: MEG Energy Corp (up 9.8%), (up 9.3%), and Pan American Silver Corp (up 7%) respectively.
Top Losers on TSX Composite: Trillium Therapeutics Inc (down 7%), Methanex Corp (down 6.9%), and Aphria Inc (down 4.6%), respectively.
Volume Leaders: Athabasca Oil Corporation, BlackBerry Limited and Zenabis Global Inc.
* All Details After Markets Close on January 20, 2021
