S&P/TSX climbs for an eighth-straight day as interest in cannabis stocks grow

TORONTO —
Canada’s main stock index continued its record-setting run for an eighth day on a rising energy sector and cannabis stocks reportedly surging from interest by retail investors.

The S&P/TSX composite index closed up 49.16 points to 18,457.78 after hitting a record intraday high of 18,527.88.

The winning streak is the longest in more than two years and represents a 6.5 per cent gain since the beginning of February.

U.S. stock markets also set intraday records but lost some of their early shine.

In New York, the Dow Jones industrial average was up 61.97 points at 31,437.80. The S&P 500 index was down 1.35 points at 3,909.58, while the Nasdaq composite was down 35.17 points at 13,972.53.

“It’s not a party where the prices are galloping,” noted Erik Bregar, head of currency strategy at the Exchange Bank of Canada.

“They’re just crawling higher. It’s definitely a melt-up.”

The health-care sector surged 6.7 per cent with cannabis producers seeing big gains in their stock prices.

Shares of Aurora Cannabis Inc. soared 21.3 per cent, Cronos Group Inc. 14.6 per cent, Apria Inc. 10.9 per cent and Canopy Growth Corp. 6.2 per cent.

On Nasdaq, Tilray’s shares spiked nearly 51 per cent for a year-to-date gain of 673 per cent.

The interest is partially fuelled by suggestions from Democratic senators that federal legalization could be…

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TORONTO —
Canada’s main stock index continued its record-setting run for an eighth day on a rising energy sector and cannabis stocks reportedly surging from interest by retail investors.

The S&P/TSX composite index closed up 49.16 points to 18,457.78 after hitting a record intraday high of 18,527.88.

The winning streak is the longest in more than two years and represents a 6.5 per cent gain since the beginning of February.

U.S. stock markets also set intraday records but lost some of their early shine.

In New York, the Dow Jones industrial average was up 61.97 points at 31,437.80. The S&P 500 index was down 1.35 points at 3,909.58, while the Nasdaq composite was down 35.17 points at 13,972.53.

“It’s not a party where the prices are galloping,” noted Erik Bregar, head of currency strategy at the Exchange Bank of Canada.

“They’re just crawling higher. It’s definitely a melt-up.”

The health-care sector surged 6.7 per cent with cannabis producers seeing big gains in their stock prices.

Shares of Aurora Cannabis Inc. soared 21.3 per cent, Cronos Group Inc. 14.6 per cent, Apria Inc. 10.9 per cent and Canopy Growth Corp. 6.2 per cent.

On Nasdaq, Tilray’s shares spiked nearly 51 per cent for a year-to-date gain of 673 per cent.

The interest is partially fuelled by suggestions from Democratic senators that federal legalization could be…

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