BNN Bloomberg's closing bell update: August 4, 2020
North American equity markets closed out Tuesday’s session higher, with the S&P 500 gaining 0.36 per cent, the Dow Jones Industrial Average rising 0.62 per cent, the Nasdaq Composite Index up 0.35 per cent and the S&P/TSX Composite Index outpacing the American indices with a 1.23-per-cent gain, as it made up ground following Monday’s Civic Holiday closure.
Markets got a lift as investors weighed concerns over rising COVID-19 case counts against the ability of U.S. lawmakers to potentially reach a deal on a massive stimulus package. The S&P 500 closed out the day within three per cent of its pre-pandemic high.
In Toronto, eight of the 11 TSX subgroups finished the day in positive territory, led by energy, information technology and health care. Industrials, financials and consumer staples were the lead laggards.
Stimulus hopes also lifted crude oil, with U.S. benchmark West Texas Intermediate up 1.39 per cent to US$41.58 per barrel after starting the day in negative territory. Alberta’s West Texas Intermediate gained 0.52 per cent to US$30.87 per barrel.