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Jun 12, 2020

North American equities rally into Friday’s close

BNN Bloomberg's closing bell update: June 12, 2020

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4:20 p.m. ET: North American equities rally into Friday’s close

North American equity markets rallied into the closing bells of Friday’s trade after a choppy session. The S&P/TSX Composite Index rose 1.37 per cent, the S&P 500 gained 1.31 per cent the Dow Jones Industrial Average finished the day 1.90 per cent higher and the Nasdaq Composite Index rallied 1.01 per cent.

The positive showing to the week’s final trading session came a day after all four major indices posted their biggest declines since March on Thursday.

In Toronto, 10 of the 11 TSX subgroups closed in positive territory, with real estate, health care and utilities posting the largest percentage declines. Only the materials subgroup finished the day lower.

Oil prices were little changed, with U.S. benchmark West Texas Intermediate capping the session little changed at US$36.26 per barrel.

The Canadian dollar gained a little more than a tenth of a cent against its American counterpart to trade at 73.56 cents U.S.

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1:00 p.m. ET: North American markets pare some gains, hold onto positive territory

North American equity markets continued to track in positive territory midday Friday, but pared some of their earlier gains. The S&P/TSX Composite Index rose 1.25 per cent, the S&P 500 was up 0.75 per cent, the Dow Jones Industrial Average gained one per cent and the Nasdaq Composite Index was up half of a per cent.

In spite of the gains, all four major indices remain on track to finish the trading week in negative territory after Thursday’s significant selloff.

In Toronto, all 11 TSX subgroups were in positive territory, led by the real estate, energy and utilities sectors.

Oil gave up some earlier gains, with U.S. benchmark West Texas Intermediate essentially flat at US$36.25 per barrel. Alberta’s Western Canadian Select was up 2.75 per cent to US$28.36 per barrel.

The Canadian dollar was modestly higher against its American counterpart, gaining a tenth of a cent to trade just shy of 73.50 cents U.S.

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9:40 a.m. ET: North American markets rebound after steep selloff

North American equity markets rebounded early Friday, retracing some of the ground lost in the steepest selloff since March.

The S&P/TSX Composite rose 2.1 per cent, the S&P 500 gained 2.5 per cent, the Dow Jones Industrial Average jumped 2.75 per cent and the Nasdaq Composite Index posted a 2.35 per cent gain.

Markets moved sharply lower in Thursday’s trading session amid concerns that a second wave of COVID-19 would hammer economic activity and was paired with some gloomy commentary from U.S. Federal Reserve Chair Jerome Powell.

Oil prices were on the rise after coming under pressure Thursday, with U.S. benchmark West Texas Intermediate up a little more than one per cent to trade at US$36.76 per barrel. However, WTI is still firmly on track for its first weekly decline since April on broad-based economic concerns, down nearly seven per cent for the week.

Alberta’s Western Canadian Select rose 1.2 per cent to US$27.93 per barrel.

In Toronto, all 11 of the TSX subgroups were in positive territory, led by energy, health care and financials.

The Canadian dollar was also higher against its U.S. counterpart, rising a third of a cent to 73.72 cents U.S.

 

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