Stock markets in Toronto moved strongly into the win column Friday, with momentum in health-care and consumer stocks powering the rise.
The TSX sprinted 254.1 points, to end the day and the week at 30,160.65.
Still, the index lost 165 points, or 0.5%, over the last five sessions.
The Canadian dollar poked up 0.07 cents to 70.97 cents U.S.
Health-care stocks proved the leader, with Chartwell Retirement Residences marching 45 cents, or 2.3%, to $20.30, while Curaleaf shares grabbed 26 cents, or 9.5%, to $3.01.
In consumer discretionary stocks, Magna International jumped $3.63, or 5.6%, to $68.03, while Linamar spiked $3.17, or 4.2%, to $78.47.
In tech issues, Dye & Durham has been offered $272 million by Plantro to be taken private, Bloomberg News reported. Dye & Durham was up 48 cents, or 17.7%, Friday to $3.19. Computer Modelling Group surged 21 cents, or 4.3%, to $5.09.
GFL Environmental announced secondary offering by selling shareholders. GFL shares dropped $1.56, or 2.4%, to $63.61.
In energy stocks, IPCO sagged 63 cents, or 2.4%, to $25.74, while Advantage Oil docked 17 cents, or 1.4%, to $12.14.
On the economic scene, Statistics Canada reported its new housing price index slumped 0.4% in October, compared to a loss of 0.2% in the prior-year month, while retail trade decreased 0.7% to $69.8 billion in September. Sales were down in six of nine subsectors, led by decreases at motor vehicle and parts dealers.
ON BAYSTREET
The TSX Venture Exchange moved into positive territory 5.59 points to 854.76. The index has lost 30.5 points, or nearly 3.45%, on the week.
All but one of the 12 TSX subgroups gained on the day, with health-care rocketing 3.7%, consumer discretionary ahead 2.5%. and information technology gaining 1.9%.
Only energy remained red, 0.9% at that.
ON WALLSTREET
The Dow Jones Industrial Average rebounded on Friday after New York Federal Reserve President John Williams suggested the central bank could cut interest rates yet again this year.
The 30-stock index leaped 493.30 points, or 1%, to 46,198.70.
The S&P 500 added 64.24 points, or 1%, to 6,602.99
The NASDAQ popped 195.04 points to 22,273.08.
Stocks that could benefit the most from lower rates boosting consumer spending helped lead the market comeback, including Home Depot, Starbucks and McDonald’s. Investors hope easier monetary policy can revive a sluggish economy and justify historically high tech-stock valuations.
Even with Friday’s moves, the three major averages are still headed for big losses this week. The S&P 500 was down almost 2% week to date, as was the 30-stock Dow. The NASDAQ shed more than 2%.
The comments by a notable Fed member like Williams broke the equity market out of its artificial intelligence-stock slump and raised traders’ bets that the central bank would in fact cut next month for the third time this year.
Fed funds futures traders are currently pricing in a more than 70% chance of a quarter percentage point cut, a spike from the 39.1% likelihood priced in the day before
Prices for the 10-year Treasury gained ground, lowering yields to 4.06% from Thursday’s 4.10%. Treasury prices and yields move in opposite directions.
Oil prices moved downward $1.03 to $57.97 U.S. a barrel.
Gold prices faded $1.30 to $4,058.70 U.S. an ounce.
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