Canada's main stock index struggled for direction on Thursday as worries over an alarming rise in coronavirus cases globally countered gains from a rise in oil prices.
The S&P/TSX Composite Index recovered 45.09 points by noon Thursday to 15,339.47.
The Canadian dollar pointed lower 0.02 cents to 73.27 cents U.S.
The largest percentage gainer on the TSX proved to be Northland Power, which jumped 46 cents, or 1.4%, to $32.93 after BMO raised its target price.
It was followed by Dream Office Real Estate Investment Trust, which rose 55 cents, or 2.8%, to $20.56, after National Bank upgraded to outperform from sector perform.
Interfor Corp fell 33 cents, or 3%, the most on the TSX, to $10.59, followed by NovaGold Resources Inc, down 48 cents, or 4.1%, to $11.37.
On matters macroeconomic, Statistics Canada reported that, following a decline of almost one million payroll jobs in March, payroll employment fell by an additional 1,830,200 (or 11.4%) in April, bringing total losses since February to 2,769,500 (16.3%).
ON BAYSTREET
The TSX Venture Exchange strengthened 4.59 points to 589.38.
Seven of the 12 subgroups remained negative midday, with health-care, consumer discretionary and communications each down 0.7%.
Energy led the five gainers, up 1.8%, while financials took on 0.6%, and industrials zoomed 0.5%.
ON WALLSTREET
Stocks cut earlier losses on Thursday after U.S. regulators said they would ease restrictions on banks that were implemented following the financial crisis.
The Dow Jones Industrials came off its lows of the morning, but still trailed breakeven by 86.46 points, to settle into noon hour at 25,359.48.
The S&P 500 was in minus territory by 7.69 points to 3,042.64.
The NASDAQ Composite had recovered to within 4.9 points of breakeven to 9,904.27.
The Federal Deposit Insurance Commission said it would allow banks to more easily make large investments into funds such as venture capital funds. Banks will not have to set aside cash for derivatives traders between different affiliates of the same firm, potentially freeing up more capital.
Bank stocks rallied across the board on the news. JPMorgan Chase, Bank of America and Citigroup were all up more than 2%. Wells Fargo gained 3.6%. Goldman Sachs was up 3.1% and Morgan Stanley advanced 2.6%
More than 45,000 new coronavirus cases were confirmed on Wednesday, a record that surpassed the previous April 26 peak by over 9,000 cases. States such as Texas, Florida, California and Arizona have all seen major spikes. New York, New Jersey and Connecticut also ordered visitors from certain hotspot states to quarantine for 14 days.
This resurgence led Apple to re-close some stores in Houston, where intensive-care unit beds are near capacity. It also prompted Disney to delay the reopening of its California-based parks beyond July 17.
Numbers out Thursday from the U.S. Labor Department revealed an additional 1.48 million Americans filed for unemployment benefits last week.
Economists expected a print of 1.35 million. This marks the second straight week that U.S. jobless claims data were worse than expected.
The Trump administration is considering new tariffs on $3.1 billion exports from France, Germany, Spain and the U.K., according to a notice from the U.S. Trade Representative released Tuesday evening. The new duties on olives, beer, gin and trucks can be up to 100%.
Prices for the 10-Year Treasury gained ground, weighing yields down to 0.67% from Wednesday’s 0.69%. Treasury prices and yields move in opposite directions.
Oil prices inched up 12 cents to $38.13 U.S. a barrel.
Gold prices subsided $7.90 to $1,767.20 U.S. an ounce.
