A multiple-day sell-off of tech stocks reversed today as the markets bounced back slightly.
The Dow Jones industrial average finished the day up 0.36% to 10911. The NASDAQ composite index gained 1.25% to close at 2111.
The story was a bite slightly different on the Toronto Stock Exchange 300 composite index, which ended the day up 60 points, climbing to 8162. Financial services led the advance with a gain of 2.2%. The industrial products sector rose 0.4%.
A better than expected Canadian GDP number, released this morning seemed to inject some confidence into the markets, lessening the need to look for safety in gold and brightening the outlook of bank stocks.
All of the bank issues were heavily traded today. Among them BMO led with a 5.7% gain, closing at $39.00. The Bank of Nova Scotia climbed 3.6% to $44.35. National Bank rose 3% after releasing positive quarterly results, finishing at $27.97. CIBC added 2.5% to $50.25 and TD gained 1.9% to $29.95. Royal Bank closed at $48.94, a gain of 0.74%.
Gulf Canada was the most heavily traded issue again today, shifting an incredible 51.8 million shares. But it closed unchanged at $12.17.
News that Methanex has abandoned its iversification strategy seems to have pleased shareholders. It added 9.93% to close at $11.85.
Overall, the market trend among individual issues was positive with 599 issues advancing and 463 declining. Overall volume was 177 million shares.
The CDNX has a good day, too, climbing 16% to close at 3333 on heavy volume of 45 million shares.
An announcement by currency trading giant, Citibank that it is bullish on the Canadian dollar, plus today’s positive GDP report sent the dollar up almost half a cent to US65.01¢.