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Daily Markets Update: TSX Jumps 2.3%, Dow Surges 3% and Oil Sinks 8% After U.S. Midterms as Budget Day Arrives

  Wall Street, Bay Street and Europe all rallied on Wednesday after Democrats won control of both the U.S. House and Senate, while oil suffered its sharpest one-day drop in months on bets that the Iran war could wind down sooner. By Thursday morning, the story had split: Europe pushed to record highs, but an AI and chip selloff hit South Korea, Japan and Taiwan. And today is Budget Day in Ottawa. The Big Picture Market Close Change S&P/TSX Composite 36,341.40 +809.12 (+2.28%) Dow Jones 53,356.12 +1,569.40 (+3.03%) S&P 500 7,688.62 +119.70 (+1.58%) Nasdaq Composite 25,736.51 +364.50 (+1.44%) WTI crude (Dec.) US$88.12 -US$7.97 (-8.3%) Canadian dollar ≈71.6¢ US seven-week high Canada: TSX Posts Its Best Day in Months The S&P/TSX Composite closed Wednesday at 36,341.40, up 809.12 points or 2.28%, from Tuesday’s 35,532.28. The index is still about 2% below its 52-week high of 37,069.11, but the one-day move erased Tuesday’s losses and then some. The split under the surface w...
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U.S. Stock Market Rallies as Dow Streaks and S&P 500 Surges


The U.S. stock market experienced a significant upswing today, with the Dow Jones Industrial Average extending its winning streak to seven consecutive trading sessions. The S&P 500 also made a notable climb, moving back above the 5,200 mark for the first time since early April. This positive momentum is largely attributed to signs of a cooling labor market, which has fueled investor optimism for a potential rate cut by the Federal Reserve in the coming months.

  • Dow’s Winning Streak: The Dow rose by approximately 0.9%, marking its seventh day of gains.
  • S&P 500’s Climb: The S&P 500 gained 0.5%, breaching the 5,200 level once again.
  • Labor Market’s Influence: Initial weekly jobless claims increased, suggesting a slowing job market and raising hopes for a Fed rate cut.
  • Sector Performance: Real Estate and Utilities led the sectors, while Technology and Communications Services lagged behind.

Investors are closely monitoring the labor market and other economic indicators to gauge the Federal Reserve’s next moves, which could have significant implications for the stock market’s trajectory in the near future.

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