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At Close: TSX up 0.08%; S&P 500 Retreats From Bear Market Territory - But Barely

Stock Markets May 20, 2022 16:25
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© Reuters.

By Ketki Saxena 

Investing.com – At the close in Toronto, the S&P/TSX composite index was at 20,197.61 points today, up 0.08% today in another volatile day of trading ahead of Victoria's day long weekend. 

Canadian equities rebounded today following expectations of the China reopening, and as the country cut its reference rate for mortgages in an aggressive move to bolster the country’s slowed economy following prolonged lockdowns.

However, gains were capped following news that the Chinese reopening would not be as quick or bold as initially expected. Shanghai has not officially signaled an end to its lockdowns, and instead announced new COVID-19 cases outside quarantined areas, for the first time in five days.

Canada’s commodity heavy index was supported by strength in crude, trading up ++ at 4:10 p.m Friday. Crude was buoyed by the China reopening and planned EU ban on Russian Oil - largely expected on the 30th of May, which outweighed concerns of slowing economic growth and subsequently lowered demand. 

Materials however, capped further gains on the index as it tracked the price of gold lower, as a strengthening dollar lowered demand for bullion. 

Great West Lifeco (+0.69%), Crescent Point Energy (TSX:CPG) (-0.56%), and Suncor (TSX:SU) (+0.62%) were amongst the most traded stocks on the TSX today. 

Kinaxis Inc (TSX:KXS) (+3.80%), Dollarama (+3.45%), and Open Text (3.43%) were amongst the biggest gainers on the TSX today, while Shopify (TSX:SHOP) (-7.05%), Bombardier (TSX:BBDb) (-5.79%), and Canopy Growth (TSX:WEED) (-5.59%) wee amongst the biggest losers. 

In New York, the S&P 500 was up 0.01%, the Dow Jones was +0.03%, and the Nasdaq was 0.30% lower at the close. 

The S&P 500 index fell below 3837.248 - a 20% decline since its Jan. 3 record closing high, but closed above that level. If the S&P 500 had closed below 837.248 points, it would confirm that the index is in a bear market, typically defined as a drop of at least 20% from a closing high.

In Bonds and Currencies 

Bond yields retreated today with the Canadian 5 year at 2.741% and the 10 year at 2.849%. The U.S. 10 year was at 2.783%. 

The USD index was +0.34% at 103.07, and the USD/CAD pair +0.06% at C$1.2833 to a USD, as risk sentiment continues to boost demand for the greenback as a safe-haven.

At Close: TSX up 0.08%; S&P 500 Retreats From Bear Market Territory - But Barely
 

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