Canada's main stock index skyrocketed to near a record high on Thursday, lifted by mining and technology shares, as investors cheered earnings from some of the big tech megacaps on Wall Street.
The TSX index popped 336.3 points, or 1.3%, to close Thursday at 25,809.90, its highest level in weeks.
The Canadian dollar subsided 0.4 cents at 69.06 cents U.S.
Methanol supplier Methanex beat fourth-quarter profit estimates on Wednesday. Methanol shares climbed $3.06, or 4.3%, to $74.95. Elsewhere, shares of Celestica jumped $20.79, or 14.3%, to $165.78, after the electronics firm surpassed analysts' fourth-quarter profit expectations.
Rogers Communication shares were stable at $41.36, although the cable giant added fewer-than-expected wireless subscriptions in the fourth quarter.
Gold stocks triumphed, as Iamgold grabbed 46 cents, or 5.3%, to $9.09, while Equinox Gold moved up 41 cents, or 4.8%, to $8.99.
Elsewhere, First Majestic Silver, well, rose majestically, 65 cents, or 8.1%, to $8.67, while Fortuna Silver Mines hiked 62 cents, or 9.2%, to $7.33.
Uncertainty over the Trump administration's policies was also on investors' mind. Trump has set a Saturday deadline for imposing 25% tariffs on goods from Canada and Mexico, two of the largest U.S. trading partners.
On the macroeconomic front, Statistics Canada released payroll numbers for November. The number of employees receiving pay and benefits from their employer—measured as "payroll employment" in the Survey of Employment, Payrolls and Hours—decreased by 56,100 (-0.3%) in November, following three consecutive months of little change.
On a year-over-year basis, payroll employment was up 142,900 (+0.8%) in November.
ON BAYSTREET
The TSX Venture Exchange hiked 14.34 points, or 2.3%, to 627.93.
All 12 TSX subgroups were stronger, led by gold, better by 4.1%, information technology, improving 3.8%, and materials, jumping 3.4%.
ON WALLSTREET
Stocks wavered on Thursday after President Donald Trump reiterated his tariff threats.
The Dow Jones Industrials perked 168.61 points to 44,882.13.
The much-broader index gained 31.86 points to 6,071.17.
The NASDAQ Composite finished in the green 49.43 points to 19,681.75.
The S&P 500 and tech-heavy NASDAQ Composite are on pace to end the week in negative territory, despite making up some of their losses
from Monday’s selloff. The blue-chip Dow is the only major index tracking for a weekly gain.
Stocks cut gains late in the session after President Donald Trump announced his intention to implement 25% tariffs on goods imported from Canada and Mexico.
Shares of Meta Platforms accumulated 1% and Tesla added 3%, while Microsoft shares dipped 6% after the companies reported earnings.
Meta beat on top and bottom lines, but Microsoft shares faltered after the company’s quarterly revenue forecast disappointed. Tesla shrugged off earnings and revenue misses.
Other “Magnificent Seven” names are set to report in the coming days, with Apple’s results being due for a Thursday release. Amazon will soon follow suit, as the megacap tech company reports next week.
On the other hand, investors were a bit cautious to buy after fourth-quarter GDP growth came in at just 2.3%, missing expectations.
Prices for the 10-year Treasury vaulted, lowering yields to 4.52% from Wednesday’s 4.55%. Treasury prices and yields move in opposite directions.
Oil prices gained 25 cents to $72.87 U.S. a barrel.
Prices for gold brightened $53.60 an ounce to $2,847.10 U.S.
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