Morning Market Breakdown, May 7: The start of the week saw the major indexes hit the ground running as the Dow found three-digit gains.
The S&P/TSX Composite Index (INDEXTSI:OSPTX) made strong gains on Friday (May 4) as it picked up 107.93 points to close at 15,729.40. Monday (May 7) morning saw the index continue to rise, as it gained 106.27 points to reach 15,835.67.
The S&P/TSX Venture Composite Index (INDEXTSI:JX) grew 0.99 points on Friday, ending the day at 772.24. It made further progress on Monday morning as it grew 2.21 points to hit 774.45.
Industrials and resource stocks reinvigorated the TSX on Friday, but the index’s biggest gainer was Martinrea International (TSX:MRE) of consumer discretionary stocks, as it gained 10.2 percent after posting positive first-quarter results. In industrials, Bombardier (TSX:BBD.B) picked up 3 percent, while Pembina Pipeline (TSX:PPL) and Enbridge (TSX:ENB) helped push the energy sector forward with gains of 6.2 percent and 1.6 percent, respectively.
The Dow Jones Industrial Average (INDEXDJX:.DJI) skyrocketed 332.36 points to 24,262.51 on Friday. The index continued to bloom on Monday morning as it gained 209.13 points to reach 24,471.64.
The S&P 500 (INDEXSP:.INX) jumped ahead 33.69 points on Friday, closing the week at 2,663.42. Pushing ahead on Monday morning, the S&P boosted 17.41 points to hit 2,680.83.
A 3.9 percent boost in Apple’s (NASDAQ:AAPL) stock helped ignite the Dow’s gains on Friday after Warren Buffett said he’d bought millions of the company’s shares in recent months. Gains of 1.4 percent from Facebook (NASDAQ:FB) and 2.4 percent from Alphabet (NASDAQ:GOOGL) pushed the tech sector forward, which gained just less than 2 percent as a whole.
Note: All numbers shown above were accurate as of 10:00 a.m. EST.
Gold made a comeback on Friday as it finished at US$1,314.7 per ounce. It felt a minor slip on Monday morning as it dropped to US$1,312.7. Silver recovered on Thursday when it ended the day at $16.52 per ounce. Monday saw the precious metal shed some strength as it hit US$16.47.
Copper relaxed on Friday with a close of US$3.08 per pound. It chugged ahead on Monday when it grew to US$3.09.
Major miner news
- Great Panther Silver (TSX:GPR,NYSE:GPL): The company has announced that its chief operating officer, Ali Soltani, will be stepping down from the role as of May 31. He will stay on as a part-time senior technical advisor afterwards until September 30; it is unknown at this time who will succeed him.
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Securities Disclosure: I, Olivia Da Silva, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Great Panther Silver is a client of the Investing News Network. This article is not paid-for content.