Stocks Stage Comeback
The TSX Composite shot higher 120.28 points to move into Thursday afternoon at 20,938.86.
The Canadian dollar let go of 0.02 cents to 74.88 cents U.S.
Among individual stocks, Superior Plus fell 21 cents, or 2.2%, to $9.39, after Raymond James downgraded the Canadian propane distributor to "market perform" from "outperform".
ON BAYSTREET
The TSX Venture Exchange climbed 2.39 points to 552.46.
All but two of the 12 subgroups were positive, with financials, industrials and information technology stocks each up 0.9%.
The two laggards were energy, down 0.8%, while health-care dipped 0.2%.
ON WALLSTREET
The Dow Jones Industrial Average traded higher Thursday as investors looked to recover from an early year slump.
The 30-stock index surged 209.44 points to hit noon Thursday at 37,679.63.
The S&P 500 regained 10.08 points to 4,714.89.
The NASDAQ slid 6.45 points to 14,583.84, marking its fifth consecutive losing session.
Mega-cap tech stocks such as Apple are underperforming to start the year, as overstretched valuations and uncertainty around when the Federal Reserve will begin to cut rates have investors worried that markets have gotten overly optimistic.
Apple stock is down more than 5% this week. Shares of the tech giant fell 1.4% on Thursday following a downgrade by Piper Sandler, two days after Barclays also lowered its rating on the name.
Prices for the 10-year Treasury jumped, forcing down yields to 3.99% from Wednesday’s 3.91%. Treasury prices and yields move in opposite directions.
Oil prices fell $1.27 to $71.43 U.S. a barrel.
Gold prices recovered $9.20 to $2,052.00.
Provided Content: Content provided by Baystreet. The Globe and Mail was not involved, and material was not reviewed prior to publication.
