The Stock Market At Close – Thursday, September 14
The Toronto Market
The TSX composite index gained 288.90 points, or 1.42%, to close at 20,567.84. A gain of 1.0% or more by an index on any market day is an indication of strength of the performance at that market session. The index is the average of the performance of all the stocks within the index, numbering in the case of the TSX of over one thousand and five hundred, at the market session. A gain of 1.42% for an index is quite a respectable performance. Today’s TSX’s gain was accompanied significant increase in the volume of shares traded. That is a positive.
The US 10-year yield continues to climb. A market rally appears to be trying to take hold, but, however, some caution must still be exercised given the current US 10-year yield. A piece of good news is that the indexes are back above their 50-day moving averages.
The market gain today was also broad based. All ten major sectors of the TSX gained, and the gains were respectable. Basic Materials led the gains with 1.75%; Technology gained 1.38%; Financials gained 1.26% and Telecommunications Services sector had the lowest gain at 0.52%.
The total volume was also up. The market may be about to change its character; as a result, it is time to roll up our sleeves and get back in to action but with a very keen eye on the 10-year Treasury yield. The yield at 4.3% remains a strong negative for the market.
Today’s Statistics: The gaining issues (advancers) took control today and completely outnumbered the declined issues (decliners). The ratio of decliners to advancers was 4.21-to-1.00. In real numbers, 1,135 advancers to 269 decliners with 193 unchanged. There were 52 new 52-week highs and 26 new 52-week lows. The total volume of shares traded for gaining stocks was 322,310,864 or 87.3%; the total volume for declined stocks was 34,754,747 or 9.4% and 12,189,987or 3.3% for “Unchanged”.
Significantly more stocks gained than declined at today’s market. The volume of shares traded for stock which gained was 87.3% while the volume of shares for declining stocks was 9.4% – in the single digit. The market today was lopsidedly for the advancing stocks. The pattern of the last few days when the decliners dominated was totally reversed today. The ratio of stock reaching their 52 week high doubled the number declining to their 52 week low.
The total volume of stocks traded today was 369,255,598 compared to 345,822,461 yesterday an increase of 6.8%.
The US Market
The Dow Jones Industrial Average gained 331.58 points, or 0.96%, to close at 34,907.11. The S&P 500 gained 37.66 points, or 0.84%, to close at 4,505.10. The Nasdaq Composite gained 112.47 points, or 0.81%, to close at 13,926.05.
Today’s gains came with an increase of volume. The gains were also broad based. All eleven of the major sectors at the US markets gained today. The highest gaining sector was Basic Materials with a 2.2% gain. Healthcare had the lowest gain at 0.33%. Financials gained 1.38%; Energy gained 1.39% and Industrials gained 1.07%. Seven of the sectors had gains of over 1.0%.
Today’s Statistics: The gaining issues (advancers) outnumbered the declined issues (decliners) on both the NYSE and NASDAQ. The ratio of decliners to advancers on the NYSE was 3.53-to-1. In real numbers 3,071 advancers to 869 decliners with 252 “Unchanged”. There were 119 new 52-week highs and 88 new 52-week lows. The total volume of volume-gaining stocks was 770,124,095 or 80.4%; the total volume of declined-volume stocks was 169,073,325 or 17.7%; and 18,403,913 or 1.9% “Unchanged”.
The total volume of stocks traded on the NYSE today was 957,601,333 compared to 815,447,020 yesterday, an increase of 17.4%. The volume gapped up well beyond the usual daily average. The market acted with gusto and conviction.
On the NASDAQ, the ratio of decliners to advancers was 2.07-to-1. The decliners prevailed today. In real numbers, 2,932 decliners to 1,411 advancers with 385 unchanged. There were 58 new 52-week highs and 189 new 52-week lows. The total volume of volume-gaining stocks was 3,054,407,427 or 62.4%; the total volume of declined-volume stocks was 1,762,078,759 or 36.0% and 80,510,765 or 1.6% for “Unchanged”.
The total volume of stocks traded today was 4,896,996,951 compared to 4,698,854,943 yesterday, an increase of 4.2%.
Oil and the Money Markets: U.S. crude oil prices jumped 1.85% to $90.16 a barrel, a 10-month high. The U.S. dollar had a solid advance to a fresh 2023 high.
10 –year Treasury Yield: The 10-year Treasury yield rose 4 basis points to 4.29%, reversing higher intraday but still within a recent range.
Regular Market Day Features
Beginner Investor’s (Canadian stocks) Watchlist
The Canadian Vanguard Chinese Stocks Watchlist
EV, Energy and Resource Stocks Watchlist
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