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Good evening, let’s start with today’s top stories:

The frenzy over GameStop and similar stocks that have skyrocketed in value at the expense of hedge fund traders cooled somewhat today, but remains a remarkable investing story.

The rally was triggered by retail investors who organized themselves on social media sites such as Reddit this week, boosting GameStop, BlackBerry, AMC Entertainment and other unlikely success stories – companies that are typically shorted by hedge funds and other institutions who bet on their failure.

Even precious metals such as silver (including at least one Canadian miner) got caught up in the volatility earlier today.

But some online brokerages poured cold water on the GameStop rally by restricting trading in the newly popular shares – while also causing a broad outcry.

The action is worthy of a movie script, writes Globe personal finance columnist Rob Carrick, but long-term value will still be derived by holding fast with ETFs, mutual funds and blue-chip stocks. “GameStop is an investing story for the ages,” he writes, “but it’s no way to invest.”

The spectre of vaccine nationalism threatens to hamper Canada

A dispute that broke out today between the EU and the U.K. over the availability of AstraZeneca’s COVID-19 vaccine could mark a new roadblock for Canada and other countries hoping to secure enough doses for their populations.

Supply problems – not unlike those that have already limited shipment of the Pfizer/BioNTech vaccine to Canada – are now causing vaccination appointment cancellations across Europe. But the U.K. has its own supply line and is not willing to see its doses diverted.

The AstraZeneca/Oxford vaccine has not yet been approved by Health Canada, but is expected to be approved by EU regulators tomorrow.

Meanwhile, Ontario has released new pandemic projections that suggest the more contagious B.1.1.7 variant of the virus, which continues to devastate an Ontario long-term care home, could thwart efforts at containment.

Could there be fresh hope in the form of a widely available medication to treat COVID-19? The Montreal Heart Institute has conducted research that says yes, but its release is being met with caution.

It’s time for a First Nations person to be governor-general, Bellegarde says

Perry Bellegarde, national chief of the Assembly of First Nations, believes having an Indigenous governor-general would provide a role model for First Nations youth and serve as a positive step toward reconciliation. Never has the Queen’s representative in Canada been of Indigenous ancestry.

  • Counterpoint from Tanya Talaga: “It would be a shocking ask of any Indigenous person, considering that the monarchy has spent centuries looking the other way while crimes of colonialism were being committed.”

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ALSO ON OUR RADAR

Worst U.S. economic performance since 1946: At 3.5 per cent, the contraction of the U.S. economy in 2020 was deeper than any year since 1946, the Commerce Department said in a report today.

Doug Ford wins libel suit’s dismissal: Ontario’s Premier has successfully argued that the libel lawsuit former OPP commissioner Brad Blair filed against him in 2019 had the effect of limiting his free speech. The suit has been dismissed.

Solid support for emissions-cutting concrete: A Halifax startup that has developed a technique for strengthening concrete while also diverting carbon dioxide from the atmosphere is involved in the construction of Amazon’s second headquarters – and that has attracted high-profile backers.

Federal handgun control criticized: Justin Trudeau’s government should be doing more to restrict the use of handguns in Canada, says the co-founder of the Quebec City mosque where six people were shot to death four years ago this week. The victims, Ottawa announced today, will be honoured each Jan. 29 in a national day of remembrance.

MARKET WATCH

Markets in Canada and the U.S. rebounded today as worries about the squeeze on short sellers earlier in the week lessened, and earnings season saw a promising start.

More than 80 per cent of the S&P 500 companies that reported earnings exceeded analyst expectations, helping drive that index up 36.61 points, or 0.98 per cent, to 3,787.38. The Dow Jones Industrial Average rose 300.19 points, or 0.99 per cent, to 30,603.36, and the Nasdaq Composite added 66.56 points, or 0.5 per cent, to 13,337.16.

The S&P/TSX Composite Index rose 232.77 points, or 1.34 per cent, at 17,657.20, regaining much of its 2-per-cent loss on Wednesday. Materials led the charge, rising 3.41 per cent.

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TALKING POINTS

The riot at the U.S. Capitol is likely to reveal the ugly truth about American justice

Gary Mason: “If historical trends continue ... it’s doubtful many of these people will be put away for long for their crimes – or as long as their fellow Americans of a different race might have been.”

A pogrom is happening in Ethiopia

Robert Rotberg: “In 2019, Mr. Abiy won the Nobel Peace Prize for ending the country’s 19-year diplomatic standoff with Eritrea and for releasing political prisoners and adopting liberal governance within Ethiopia. Mr. Abiy was lauded across Africa, Europe and the Americas as a welcome new democratic leader. Now he has exposed his true colours, besmirching the very name and ideals behind the Nobel Peace Prize.”

Why a Canada/Australia/New Zealand/United Kingdom (CANZUK) pact won’t work

Srdjan Vucetic: “Canadians might like the idea of CANZUK but they also care, disproportionally so, about what Europeans think of them. Keep in mind as well that the European Union is Canada’s second-largest trading partner and second-largest source of foreign direct investment.”

LIVING BETTER

The 2021 Globe and Mail online brokerage ranking: Who’s best for investing ... and answering the phone

A huge spike in trading volumes in the past year, and the uptick in demand for adequate phone service to help dispense investing services, combine to make this 22nd edition of our annual ranking of online brokerages especially unusual. Rob Carrick has the ratings, plus a suite of comparison tools to make choosing the right brokerage a snap.

How some antique dealers have survived since COVID-19 cut them off from their customers

Open this photo in gallery:

French interior designer Vincent Darré goes to Paris's Les Marché aux Puces de Saint-Ouen on most weekends in search of vintage decor.Déborah Lalaudière/Handout

Antique merchants and buyers, usually as old-school as they come, aren’t exactly a natural fit for e-commerce. But options are few in the time of COVID, so the brave few have managed to foster, virtually, the connections and the keen eye of observation that make antiquing unique. At least, that is, until it’s safe to wander market aisles once more.

TODAY’S LONG READ

Searching for Angelica: The Globe follows up on an Oshawa drug user’s struggle in an opioid crisis and pandemic

“There is no class for how to live again,” Angelica Helpard told The Globe’s Marcus Gee more than two years ago at her boyfriend’s home recovering from multiple opioid overdoses in a short spell. To Marcus, the story of the vibrant young woman who had taken life’s lumps was a vivid illustration of the toll of the opioid crisis in this country.

The pandemic, of course, cast this drug crisis in a different light, so Marcus returned to Oshawa, Ont., last fall to track down his memorable interview subject and update the story.

By chance, he found Angelica, who had served time since their last meeting and was now homeless. She was alive, but drifting, unsure of her next steps as the fog of drugs and new COVID-19 restrictions limited her options.

Read Marcus’s feature here.

  • Related: Opioid deaths highlight need to decriminalize hard-drug possession, police chiefs say

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