Markets were basically “on fire” on Tuesday as the S&P 500 rose 1.5%. Toronto was up 0.8%.
Accordingly, most stocks were up. Some of the notable gainers were:
Starbucks – up 2.8% – and that’s despite the fact that half its stores in China are closed.
SNC Lavalin – up 6.0%. I had a few shares as a speculative bet and sold the shares I had in a TFSA today. I will likely keep the few shares I have in a taxable account.
Aecon was up 3.5%.
Fortis Inc. was down 1.9%.
The horribly-managed Bombardier bounced up almost 18% on reports it may sell its Executive Jet business. The problem is that with all its debt if it sold off everything there might not be any net cash left for share owners. Even its preferred shares are risky.
Tesla has been rising parabolically. Days like today are why the average person views the stock market as more of a casino than a way to way to profit from accumulated retained profits and dividends over time.
Perhaps tomorrow, the market will turn its attention to the economic drag that the Coronavirus is causing.