North American Stock Markets On A High As Biden Takes Charge

 

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: Refinitiv (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

 


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