BNN Bloomberg's closing bell update: May 8, 2020
4:30 p.m. ET: North American markets close higher into the weekend
North American equity markets closed out the week higher, with the S&P/TSX Composite Index up 0.9 per cent, the S&P 500 and Nasdaq Composite up about 1.6 per cent and the Dow Jones Industrial Average gaining 1.9 per cent. All four major indices were higher on a week-long basis.
In Toronto, nine of the 11 TSX subgroups finished the session in positive territory, led by consumer discretionary, real estate and financials stocks. Only information technology and materials closed out the session lower.
Crude prices rallied, with U.S. benchmark West Texas Intermediate up five per cent to trade just shy of US$24.75 per barrel. Alberta’s Western Canadian Select was up 20 per cent to trade at US$20.98 per barrel.
The Canadian dollar was up two-tenths of a cent against its U.S. counterpart to trade at 71.80 cents U.S.
1:15 p.m. ET: North American equities push higher, oil pares gains
North American equity markets continued their upward trajectory into midday trading, with the S&P/TSX Composite Index up 0.6 per cent and the S&P 500, Dow Jones Industrial Average and Nasdaq Composite Index all gaining about 1.4 per cent.
In Toronto, nine of the 11 TSX subgroups were in positive territory, with consumer discretionary stocks, real estate and utilities posting the largest percentage gains. Only information technology and materials were lower.
On a stock specific basis, BRP Inc., Ag Growih International Inc. and Enerflex Ltd. led the way higher. BRP gained after securing a term loan of US$600-million to shore up its liquidity during the COVID-19 crisis, while Ag Growth and Enerflex were higher after reporting earnings.
Oil prices pared their gains, with U.S. benchmark West Texas Intermediate up 1.2 per cent to trade at US$23.85 per barrel.
9:40 a.m. ET: North American stocks rise; investors shrug off record job losses
North American equity markets pushed higher into the open of Friday’s trading day, with the S&P/TSX Composite Index up 0.6 per cent, the S&P 500 gaining 1.1 per cent, the Dow Jones Industrial Average 1.3 per cent higher and the Nasdaq Composite Index notching a 0.8 per cent gain.
Equity markets largely shrugged off historic job losses on both sides of the border, with Canada shedding nearly two million positions in April and the United States reporting 20.5-million lost jobs. Economists were expecting even greater losses in both labour markets.
Oil prices were on track for their second weekly gain, with U.S. benchmark West Texas Intermediate up 3.3 per cent to trade at US$24.30 per barrel. Alberta’s Western Canadian Select rose 6.5 per cent to US$18.57 per barrel. Crude prices have gotten a boost amid optimism supply cuts from the OPEC+ group will help bring the market into greater balance.
The Canadian dollar was little changed against its U.S. counterpart to trade at 71.63 cents U.S.