Stock markets were strong on Tuesday with both the S&P 500 (up 0.9%) and Toronto (up 0.6%) closing at new highs.
Gainers included Dollarama up 4.1%, Amazon up 1.9%, Constellation Software up 1.6%.
Linamar was down 2.1%.
A report today indicated that U.S. new home sales rose to a 16 month high in March, topping estimates. That would seem to contradict reports of weaker housing starts. The explanation may be that these were sales of completed homes, both “spec” homes and homes contracted to be built about one year ago. Credit was given to the very recent drop in mortgage rates but it was just not clear to me how many of these were March purchases of spec homes versus homes contracted for some time ago. In any case it is at least somewhat positive news for Toll Brothers.
After the close, TFI Industries was out with a strong Q1 report that appeared to be even better than analyst expectations.