Dow Jones Soars 1,173 Points as Joe Biden’s Super Tuesday Win Sparks Major Market Rally
North American Pot Stocks Rebound with Some Posting Double-Digit Gains + Top 15 Gainers
Joe Biden‘s major comeback on Super Tuesday influenced North American stock markets to rebound in a similar fashion. Despite looming concerns over the novel Coronavirus, the Dow Jones Industrial Average (DJI) skyrocketed today, gaining 1,173.45 points (+4.53%), its second-best single-day point gain ever. The DOW closed trading today at 27,090.86.
The S&P 500 Index (SPX) followed the DOW’s lead, posting an impressive gain of 126.75 points (+4.22%) and closing today’s trading session at 3,130.12.
“We believe financial markets would be comfortable with either President Trump or former Vice President Biden winning in November. Although Biden wants to raise the corporate tax rate, his proposals are not as aggressive as those promulgated by Senator Sanders,“ said Thomas McLoughlin and Brian Rose of UBS Wealth Management in a note to clients.
North of the border in Canada, the S&P/TSX Composite Index closed the day at 16,779.53, up 355.91 (+2.17%). A day after the U.S. Federal Reserve made its surprise emergency rate cut, the Bank of Canada followed suit cutting interest rates by 50 basis points, the same size as the Fed’s rate cut. Investors welcomed the rate cuts on both sides of the border, but it also raised concerns that the central banks may know more than they’re saying in regards to the impact of the Coronavirus.
“I think there’s this idea that the central banks even though they can’t produce a cure for the disease they will do whatever it takes to help the economy during this time when obviously there’s going to be a slowdown pretty much in most sectors,” stated Allan Small of HollisWealth.
Pot Stocks Bounce Back
Cannabis stocks were the biggest winners of the day, with most pot stocks closing the trading day well in the green. The North American Marijuana Index closed the day up +2.82% at 84.59. The cannabis sector received its most significant boost from Canadian marijuana stocks as the Canadian Marijuana Index skyrocketed back to life today, climbing an impressive +7.91% to close today’s trading session at 155.76.
Top 15 Daily Cannabis Gainers
Of all the equities in the cannabis sector, the following cannabis stocks outperformed them all today.
- TransCanna Holdings (CSE: TCAN) (OTC: TCNAF) (FRA: TH8) | +29.7%
- HALO Labs (NEO: HALO) (OTCQX: AGEEF) (FRA: A9KN) | +21.9%
- SOL Global (CSE: SOL) (OTCPK: SOLCF) (FRA: 9SB) | +18.4%
- FSD Pharma (CSE: HUGE) (NASDAQ: HUGE) (FRA: 0K9A) | +14.3%
- Cronos Group (TSX: CRON) (NASDAQ: CRON) (FRA: 7CI) | +12%
- Green Organic Dutchman (TSX: TGOD) (OTCQX: TGODF) (FRA: O1GA) | +10.9%
- HEXO Corp. (TSX: HEXO) (NYSE: HEXO) (FRA: 74H) | +10.6%
- iAnthus Holdings (CSE: IAN) (OTCQX: ITHUF) (FRA: 2IA) | +10.5%
- Plus Products (CSE: PLUS) (OTCQX: PLPRF) (FRA: 0T1) | +9.7%
- Heritage Cannabis (CSE: CANN) (OTCQX: HERTF) (FRA: 2UE) | +9.5%
- Harvest Health (CSE: HARV) (OTCQX: HRVSF) | +9.4%
- Aphria (TSX: APHA) (NYSE: APHA) (FRA: 10E) | +8.8%
- 48North (TSXV: NRTH) (OTCPK: NCNNF) | +8.5%
- MediPharm Labs (TSX: LABS) (OTCQX: MEDIF) (FRA: MLZ) | +7.8%
- Meta Growth (TSXV: META) (OTCPK: NACNF) (FRA: 1HV) | +7.7%
Disclosure: The Cannabis Investor does not hold a position in any of the stocks mentioned in this article. TransCanna is a client of The Cannabis Investor.