Markets Fairly Steady, Despite Trump Impeachment, Worries Over Inauguration Violence
Market watch – January 15, 2021
January 15, 2021
Stocks closed lower Monday as investors took some profits after last week’s rally and looked nervously ahead to the unfolding impeachment drama and fears of violence during President-elect Joe Biden’s inauguration next week in Washington. Adding to investor unease was last Friday’s jobs report, which showed that the U.S. labour-market recovery took a step back in December, with seven months of job growth ending. By Monday’s close, the Dow dropped 89 points, while the S&P and Nasdaq shed 25 and 165, respectively. In Canada, the TSX declined 107 points, weighed down by the materials sector, which lost nearly 2% on gold price weakness.
N.A. equity indexes edged slightly higher Tuesday as major tech shares regained ground lost on Monday. In U.S. bond news, 10-year Treasury yields climbed for the seventh straight session, up to 1.136%. Expectations of higher government spending and more bond sales have sparked a mild selloff in U.S. government issues.
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