North American markets gain on positive earnings from industrials, technology sectors

TORONTO – Canadian and US equity markets closed higher on Friday after a day of small gains for multiple sectors including industry and technology.

Philip Peturrson, senior investment strategist at Manulife Investment Management, said although there weren’t any big gains on Friday, Canada’s benchmark stock index is bulling all week after breaking on Monday amid investor fears over the rising COVID-19. Fall had fallen to its lowest level in months ranks around the world.

The composite S & P / TSX index closed at 19.616.62 on Monday but then rose steadily over the course of the week. On Friday, the S & P / TSX rose 90.91 points compared to the previous day at 20,188.43 points.

“Today I think was a continuation of what we saw the rest of the week and that would be some relief from the delta fears – fears of any kind of slowdown or pause in recovery – and the market continues because of it grind even higher in the positive yield results we expect from the United States, ”said Peturrson.

In New York, the Dow Jones industry average rose 238.20 points to 35,061.55 points. The S&P 500 index rose 44.31 points to 4,411.79 while the Nasdaq composite climbed 152.39 points to 14,836.99.

The September crude oil contract rose 16 cents to $ 72.07 per barrel and the September natural gas contract rose 6.0 cents to $ 4.04 per mmBTU. However, the TSX’s energy index remained relatively flat, up less than a point.

The TSX Industry Index closed 3.21 points higher at 59.08. The TSX Technology Index closed 3.38 points higher at 223.95.

The August gold contract fell $ 3.60 to $ 1,801.80 an ounce and the September copper contract rose 6.2 cents to $ 4.40 an ounce.

Peturrson said that while some market watchers have speculated – especially after Monday’s slump – that the market’s growth phase may peak, he disagrees.

“We are still recovering from the COVID lockdown and I think there are a number of data points to support this,” he said. “We haven’t even entered normalized expansion yet. The news is still good to me. We are still on this growth path. “

The Canadian dollar traded at 79.52 US cents, compared with 79.57 US cents on Thursday. Peturrson said he anticipates it will hit 80 cents in the near future.

“We’re seeing a bit of positive momentum not just in stocks, but also in commodities, and that is reflected in the Canadian dollar,” he said.

This report by The Canadian Press was first published on July 23, 2021.