22 November 2020 Posted By : Ross Marowits

S&P/TSX composite essentially flat as sentiment muted by rising COVID infections

TORONTO - Canada’s main stock index was essentially flat Thursday as investors took their foot off the pedal on concerns about rising COVID-19 infections and pocketed some profits following a good few weeks of trading.

“I think we’re just digesting a little bit of the gains that we’ve seen from this solid month-to-date surge that the TSX has had,” said Mike Archibald, vice-president and portfolio manager with AGF Investments Inc.

The S&P/TSX composite index closed up 19.99 points to 16,909.81 and is 8.5 per cent higher so far in November.

In New York, the Dow Jones industrial average was up 44.81 points at 29,483.23. The S&P 500 index was up 14.08 points at 3,581.87, while the Nasdaq composite was up 103.11 points at 11,904.71.

The day was marked by a re-rotation from cyclicals back to technology stocks and stay-at-home names in Canada and the U.S.

Archibald said its natural for investors to take some profits after financials and energy, in particular, skyrocketed in the past two weeks.

Markets got a small lift in afternoon trading on reports that U.S. Senate Majority Leader Mitch McConnell and House Speaker Nancy Pelosi had resumed their discussions around a COVID stimulus bill.

Archibald said the market is aware that a deal is unlikely to happen before Joe Biden becomes president on Jan. 20.

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