Skip to content
Scotia Wealth Management

Markets Climb Over Hopes for Biden Administration, New Stimulus

Market watch – January 22, 2021

January 22, 2021

It was a fairly quiet session for the TSX on Monday as U.S. markets were closed for the Martin Luther King Jr. holiday. While most TSX sectors were up, energy stocks closed down more than 1.5%. By Monday’s close, however, the index finished with a mild 36-point gain.

It was a strong day for U.S. equities on Tuesday, as markets headed higher over incoming Treasury Secretary Janet Yellen’s endorsement for aggressive coronavirus relief spending. By Tuesday’s close, the Dow was up 116 points, while the S&P and Nasdaq added 31 and 199, respectively. In Canada, the TSX added just 12 points, despite a rallying energy sector. Global equity benchmarks rose to new record highs, and oil prices climbed Wednesday as investors’ risk appetite grew in anticipation of further U.S. stimulus under new President Joe Biden, who was sworn in without incident Wednesday afternoon. The tech sector registered major gains Wednesday, with the Nasdaq up more than 250 points, while the S&P added 53. The Dow also had a strong showing, climbing 258 points, as earnings results have been better than expected so far. The TSX added 58 points, thanks largely to the materials sector, which saw gold rise 1%.

Read more…

Legal

This publication has been prepared by Scotia Capital Inc. and is intended as a general source of information only and should not be considered as personal and/or specific financial, tax, pension, legal or investment advice. We are not tax or legal advisors and we recommend that individuals consult with their qualified advisors before taking any action based upon the information contained in this publication. Opinions and projections contained in this publication are our own as of the date hereof and are subject to change without notice. While care and attention has been taken to ensure the accuracy and reliability of the material in this publication, neither Scotia Capital Inc. nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of such material and disclaim any liability resulting from any direct or consequential loss arising from any use of this publication or the information contained herein. This publication and all the information, opinions and conclusions contained herein are protected by copyright. This publication may not be reproduced in whole or in part without the prior express consent of Scotia Capital Inc.