( Canadian equities rose Thursday for a third straight session as the index continues its push to close into bull market territory.
The S&P/TSX Composite Index gained about 2.6 per cent to 13,487.30 in Toronto. All eleven sectors advanced, with health-care shares and energy among gainers. U.S. stocks also climbed after jobless claims, and as investors continue to digest stimulus plans.
“Fear is part of the cure,” Eddie Perkin, chief equity investment officer at Boston-based Eaton Vance Management, said on BNN Bloomberg. Eaton Vance isn’t looking to make a “big cyclical recovery bet,” but says maintaining a balanced portfolio is key.
Opportunities exist to deploy capital in the current market, though keeping some dry powder is crucial, Perkin added.
Meanwhile, the Bank of Canada said it will purchase $24 billion in assets from banks through term repos on Thursday, double the amount a couple of days ago.
Oil’s recovery rally went into reverse as broad weakness across physical crude markets compounded mounting evidence of the demand devastation wrought by the coronavirus. WTI crude futures fell about 4.8 per cent in New York to $23.35 (U.S.) per barrel.
Fears over the historic squeeze in the gold market showed signs of easing after some short sellers appeared to exit and investors rolled forward contracts.
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