Pescod Chats Plus Seven weeks of gains on TSX

Seven weeks of gains on TSX

RTGAM


After a collective swoon at 2 p.m. on North American markets following the U.S. Federal Reserve's update on its stress tests for the country's banks, investors took a deep breath and jumped right back in to drive stocks higher by the end of the day.

The Dow Jones industrial average gained 1.5 per cent, or 119.23 points, to 8,076.29. The broader S&P 500 gained 1.68 per cent, or 14.31, to 866.23. Both indexes fell on the week - 0.68 per cent and 0.39 per cent, respectively - ending their win streaks at six weeks.

The financial subindex of the S&P 500 dipped briefly into the red after the test's methodology was revealed, but quickly recovered to post a 2.44 per cent gain on the day. On the Dow, American Express gained 20.22 per cent, Bank of America gained 2.95 per cent and Citigroup lost 0.62 per cent.

The Toronto Stock Exchange did manage to post a gain on the week, making it seven straight weeks. The S&P/TSX rose 1.49 per cent, or 139.98 points, to 9,549.48. Miners gained 3.8 per cent, with financials 1.1 per cent higher.

Copyright 2001 The Globe and Mail