North American markets benefit from positive profits from industrial and technology sectors
TORONTO – Stock markets in Canada and the United States closed higher on Friday after a day of slight gains for several sectors, including industrials and technology.
Philip Peturrson, chief investment strategist at Manulife Investment Management, said there were no huge gains on Friday, Canada’s benchmark stock index rebounded all week after falling to its lowest level for months on Monday due to investor fears over the increase in the COVID-19 case. account in the world.
The S & P / TSX Composite Index closed at 19,616.62 on Monday, but then rose steadily throughout the week. On Friday, the S & P / TSX was up 90.91 points from the previous day’s session at 20,188.43.
“Today I think it was a continuation of what we saw the rest of the week, and it would be allaying fears of the Delta variant – fears of any kind of slowing down or pausing in the recovery. – and the market continues to climb higher thanks to the positive results we are seeing in the United States, ”said Peturrson.
In New York, the Dow Jones Industrial Average was up 238.20 points to 35,061.55. The S&P 500 Index was up 44.31 points to 4,411.79, while the Nasdaq Composite was up 152.39 points to 14,836.99.
The September crude oil contract rose 16 cents to US $ 72.07 per barrel and the September natural gas contract rose 6.0 cents to US $ 4.04 per mmBTU. However, the TSX Energy Index remained relatively stable with a gain of less than one point.
The TSX industrial index closed up 3.21 points at 59.08. The TSX technology index closed 3.38 points higher at 223.95.
The August gold contract was down US $ 3.60 to $ 1,801.80 an ounce and the September copper contract was up 6.2 cents to US $ 4.40 the pound.
Peturrson said that while some market watchers have speculated – especially after Monday’s drop – that the growth phase of the market may be about to peak, he disagrees.
“We’re still recovering from the COVID lockdown, and I think there are a number of data points that support that,” he said. “We haven’t even entered a standardized expansion yet. The news for me is always good. We are still on this growth path.
The Canadian dollar was trading at 79.52 US cents against 79.57 US cents on Thursday. Peturrson said he expects it to hit 80 cents in the near future.
“We’re seeing a little bit of positive momentum not only in stocks but also in commodities, and that’s reflected in the Canadian dollar,” he said.
This report by The Canadian Press was first published on July 23, 2021.
Companies in this story: (TSX: GSPTSE, TSX: CADUSD)