00:14:10 EDT Fri 17 May 2024
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Globe/wire say TSX ends flat as U.S. tech marches on

2024-01-23 07:40 ET - In the News

The Globe and Mail reports in its Tuesday edition that the S&P 500 posted a second straight record high close on Monday as tech stocks added to recent gains and investors awaited corporate reports for clues on this year's profit outlook. A Reuters dispatch to The Globe says that Toronto also ended higher, but barely. Friday's finish confirmed that the S&P 500 has been in a bull market since it closed at its low on Oct. 12, 2022. Netflix, Tesla, Abbott Laboratories, Intel and Johnson & Johnson, are due to report this week. Several top tech-related heavyweights, including Microsoft and Apple, are expected to report results next week. "The earnings and guidance are going to be crucial to continue to underpin the megatech force in the market," said Quincy Krosby at LPL Financial in Charlotte, N.C. Nvidia notched a fresh record high. In Canada, the S&P/TSX Composite Index ended up 17.78 points at 20,924.30. The heavily weighted financials sector was up, and real estate, which could particularly benefit from a move to rate cuts, did even better. Energy also ended higher, advancing 0.2 per cent, as the price of oil settled 2.4 per cent higher at $75.19 (U.S.) a barrel on expectations of tightening supply.

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