Canada’s stock exchange managed to climb out of a big hole today.
After suffering its biggest decline in three years on Wednesday, the TSX finished just above the flat line, moving up 14 points with seven of 11 sectors in the green.
Among the sectors that recovered from yesterday’s big losses were the influential energy, financials, and health care sectors.
Energy rose 1.6 percent as Crescent Point Energy Corp.’s shares jumped 17.3 percent, after the Calgary-based oil and gas exploration, development and production company announced strong third quarter production.
A boost in oil prices also helped lift the energy sector. Oil moved 25 cents higher to $67.07 a barrel, driven by supply fears over the ongoing U.S.-China trade war and American sanctions on Iran kicking in on Nov. 4.
Canada’s high-profile marijuana stocks were also higher, ending a long losing streak.
Easily the most heavily traded company on the index, Aurora Cannabis moved up just under a percent after announcing today that Polish Ministry of Health granted the company approval for its first shipment of medical cannabis to Poland.
In New York, the Dow shook off yesterday’s sell-off which saw the index erase all of its gains from 2018, while the Nasdaq also rose significantly.
Lofty corporate results lifted investors’ confidence on Wall Street with Microsoft, Tesla, Ford, and Twitter all reporting impressive third quarter earnings.
The Dow rallied from its worst day since 2011 by finishing 401 points higher.
And after free-falling into correction yesterday, the Nasdaq sprung to life by moving up 209 points as FANG stocks rallied.
Facebook, Microsoft, Amazon, Apple, and Alphabet all gained between 2.1 and seven percent.
The loonie weakened slightly, down 13/100ths of a cent to $0.7646 US while gold jumped $3.40 to $1,231 an ounce.
