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TSX Surges to New Heights, Extending Winning Streak to Nine Days

The Toronto Stock Exchange (TSX) continues its impressive rally, closing at yet another record high as its winning streak stretches to nine consecutive trading days. The benchmark S&P/TSX Composite Index  rose 0.3% , adding 74.4 points  to settle at 25,971.9 .  This latest surge marks a 2.4% weekly gain , reinforcing investor optimism amid strong performances across multiple sectors. Healthcare led the charge with a 1.2% increase , while Basic Materials saw a slight dip of 0.2% .  Market analysts attribute the sustained momentum to robust corporate earnings, stable commodity prices, and easing trade tensions . With 74% of TSX-listed stocks closing higher , the bullish sentiment remains strong, fueling expectations for continued growth in the coming weeks.  Investors will be watching closely to see if the TSX can maintain its upward trajectory and extend its streak into double digits.
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Wall Street Mixed as Earnings Season Kicks Off

 

According to the latest news, Wall Street is mixed as the earnings season kicks off. Futures for the S&P 500 rose less than 0.1%, while futures for the Dow Jones Industrial Average dipped close to 0. The earnings season is a period when companies release their financial reports for the previous quarter. This week, about 70 S&P 500 companies are expected to report their financial results for the last three months of 2023, including American Airlines, Intel, Procter & Gamble, and Tesla.

It is important to note that the earnings season has been mixed so far. General Electric, for example, reported better-than-expected fourth-quarter results but gave a tepid forecast for the current quarter, causing its stock to slip 3.5%. On the other hand, Verizon’s stock jumped nearly 5% in premarket trading after the telecom giant beat revenue and adjusted profit forecasts.

In addition to the earnings season, investors are also awaiting key economic data this week that could test the benchmark S&P 500’s recent bull-market run. On Thursday, the government will give its first estimate for how strongly the economy grew during the last three months of 2023. Economists believe the economy is still growing but at a slower pace than during the summer. That’s what the Federal Reserve wants to see as it continues to battle inflation. On Friday, the government will release the latest reading for the inflation gauge that the Fed prefers to use. Economists expect personal consumption expenditures held steady at 2.6% in December from a month earlier.


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