Wall Street shares close firmly higher
TSX up over 201 pts
Tech stocks up
US stocks finished on a high Thursday with the Dow Jones closing over 240 points higher.
The rally is back on and global investors started buying shares again. European indices all finished higher as fears eased over a trade war.
On Wall Street, the S&P 500 added over 18 to 2,662, while Nasdaq gained over 34 at 7,076.
Tech stocks came back round and Apple inc (NASDAQ:AAPL) added 1.4% to US$174.02, while Facebook (NASDAQ:FB) rose 2.6% to US$159.17 after chief executive Mark Zuckerberg told reporters that the ongoing privacy controversy has not caused a meaningful decrease in users.
It has also revealed that as many as 87mln users may have had their data exposed in the Cambridge Analytica scandal.
In Toronto, the TSX added over 201 points to stand at 15,365.
Traders are now turning attention to the key non-farm monthly jobs report tomorrow.
Last month’s US non-farm payrolls report showed employers added a much bigger-than-expected 313,000 jobs in February. Economists had forecast 200,000.
Tomorrow's report is expected to reveal 185,000 jobs were added last month (March) while the unemployment rate is forecast to fall to 4.0% from 4.1%.
MID-SESSION
US stocks were firmly ahead at mid-session as global shares rallied and London closed ahead.
FTSE 100 finished over 165 points higher at 7,199.
On Wall Street, the Dow Jones is up 240 at 24,505.
The Nasdaq is ahead 35 points at 7,077.
The S&P 500 gained over 17 at 2,662.
US crude , or West Texas Intermediate, added 0.41% to stand at US$63.63 a barrel.
In Toronto, the TSX added over 184 points at 15,348, while the TSX venture exchange added over five points at 768.92.
On Wall Street, notable movers were Sonoma Pharmaceuticals Inc (NASDAQ:SNOA), which added 12.5% to US$4.09 after the specialty pharmaceutical company revealed it has received FDA clearance for an antimicrobial post-therapy gel.
Dolphin Entertainment Inc (NASDAQ:DLPN) added over 11% to US$3.89 after it swung to a profit in 2017.
Dolphin had net income of US$6.9mln from a net loss of US$37.2mln a year earlier. Revenue climbed to US$22.4mln from US$9.4mln in 201
Longfin Corp (NASDAQ:LFIN), a firm much in the spotlight recently, added over 80% to US$20.98.
Non-farm payrolls eyed..
Last month’s US non-farm payrolls report showed employers added a much bigger-than-expected 313,000 jobs in February.
Economists had forecast payroll growth of 200,000.
A strong labour market contributed the Federal Reserve’s decision to raise interest rates last month by a quarter percentage point to a range of 1.5% to 1.75%.
The Fed signalled that it is on track to raise interest rates twice more in 2018 so a solid jobs report on Friday is likely to support these expectations.
“While the monthly jobs report is routinely among the most important high-frequency releases, the March reading will be particularly significant given the acute market focus on whether the Fed is at risk of falling behind the curve in terms of policy normalisation,” said Naeem Aslam, chief market analyst at Think Markets UK.
Friday’s report is expected to reveal 185,000 jobs were added in March while the unemployment rate is forecast to fall to 4.0% from 4.1%.
Economists anticipate average hourly earnings growth will accelerate to 2.7% year-on-year in March from 2.6% a month earlier and month-on-month growth will rise to 0.3% from 0.1%.
"Non-Farm Payroll look-ahead" #NFP #USD $SPX $SPY $NDX https://t.co/CRgHoNxwXw pic.twitter.com/QtQHykOljL
— Market Insight (@MarketInsightUK) 5 April 2018
OPEN
US benchmarks got off to a good start on Wall Street with the Dow Jones up over 136 points at 24,401
The S&P 500 added nearly ten to 2,654, while the Nasdaq gained around 38 points at 7,080.
In Toronto, the TSX added over 57 points at 15,221.
Canopy Growth Corp (TSE:WEED) added 2.75% to C$28.37 after it struck a collaboration deal over large scale pot projects.
Back on Wall Street, tech stocks are among the early gainers, building on yesterday's rises.
Facebook Inc (NASDAQ:FB.) is up 2.74% to US$159.35.
JP Morgan (NYSE:JPM) is up 0.75% to US$111.76.
Sonoma Pharma Inc (NASDAQ:SNOA) added over 22% to US$4.4322 as it received key FDA approval for the antimicrobial post-therapy gel.
Conversely, Conatus Pharma (NASDAQ:CNAT) fell over 26% to US$4.42 as it said a study of its drug to treat liver disease failed to meet the firm’s goals.
“Although the trial did not meet its primary endpoint,” the treatment “supports further evaluation,” the company said in a statement.
US futures pointed to a firm open on Wall Street on Thursday following gains in the previous session, as investors shake off concerns about a trade war between the US and China.
— TradersNews (@_TradersNews) 5 April 2018