Markets in Canada featured major gains, as was the case on the other side of the border, due in large part to strength in health and tech issues.
The TSX jumped 203.30 points to conclude Thursday at 30,186.28.
The Canadian dollar inched up 0.09 cents to 71.49 cents U.S.
The energy sector took center stage after oil prices, soared over 4% following the United States' decision to impose sanctions on Russian oil giants Rosneft and Lukoil over the ongoing Ukraine conflict.
Simultaneously, gold prices rebounded as heightened geopolitical tensions, fueled by U.S. sanctions against Russia and potential new export controls targeting China, bolstered demand for safe-haven assets.
As mentioned, health-care plays were the star of the show, with Curaleaf shares snatching 32 cents, or 8.5%, to $4.10, while Bausch Health Companies gathered 19 cents, or 2.2%, to $8.93.
In tech stocks. Firan Technology picked up 59 cents, or 5.6%, to $11.16, while Celestica gained $18.93, to 4.9%, to $397.22.
In the energy sector, Baytex Energy captured 15 cents, or 4.7%, to $3.34, while Enerflex tacked on 70 cents, or 4.3%, to $16.87.
Precision Drilling swung to net loss in the third quarter due to higher tax expenses related to U.S. operations. Shares in Precision Drilling began Thursday reversed and gained $3.43, or 4.4%, to $82.26.
Consumer staples, however, did not fare so well, as Saputo ducked 67 cents, or 1.9%, to $34.52, while Premium Brands slid $1.58, or 1.6%, to $95.96.
In real-estate, FirstService retreated $23.59, or 9.1%, to $234.53, while First Capital REIT units dipped three cents to $19.39.
In utilities, Algonquin Power lost 14 cents, or 1.7%, to $8.12, while Boralex dished off 38 cents, or 1.4%, to $27.87.
Prime Minister Mark Carney said on Wednesday his government's first budget will reduce economic and security reliance on the U.S. and cut
wasteful spending.
Macroeconomic news from Thursday features August retail trade from Statistics Canada. Sales hiked 1.0% to $70.4 billion in August. Sales were up in six of nine subsectors and were led by increases at motor vehicle and parts dealers.
ON BAYSTREET
The TSX Venture Exchange surged 16.54 points, or 1.8%. 964.23
Eight of the 12 subgroups were positive Thursday, with health-care triumphing 3%, information technology flying 2.1%, and energy moving ahead 2%,
The four laggards were weighed most by consumer staples, descending 1%, real-estate, off 0.6%, and utilities, down 0.1%.
ON WALLSTREET
The S&P 500 rose on Thursday, boosted by tech stocks, as investors stepped in to buy after a batch of strong earnings results.
The Dow Jones Industrials finished in the green 144.2 points, after a volatile day, to 46,734.61.
The much broader index jumped 39.04 points to 6,738.44.
The NASDAQ regained 201.40 points to 22,941.80, supported by gains in names such as Amazon, Broadcom and Meta Platforms.
Investors are now continuing to watch earnings releases from key U.S. companies, which many believe could be make-or-break for the current bull market rally.
Honeywell shares led the blue-chip Dow’s rise, advancing 7% Thursday, after it posted better-than-expected quarterly results and lifted its full-year outlook.
American Airlines increased 5% following its narrower-than-expected third-quarter loss and upbeat guidance.
The market was able to overcome what had been sore spots in the trading day. Tesla – which kicked off reports from the “Magnificent Seven” – saw shares come back from earlier losses after reporting mixed third-quarter results.
IBM shares also pared losses after beating Wall Street estimates but reporting in-line software revenue.
Meanwhile, oil prices rose after the Trump administration imposed new sanctions on Russia’s two biggest crude companies due to the country’s “lack of serious commitment to a peace process to end the war in Ukraine.”
More than three-quarters of S&P 500 companies reporting so far have exceeded earnings expectations
Trade remains in focus as well. President Donald Trump said Wednesday evening that his upcoming meeting with Chinese President Xi Jinping is “scheduled,” easing some fears about U.S.-China relations that had put markets under pressure on Wednesday.
Now, investors are continuing to watch earnings releases from the biggest U.S. companies, which many believe could be make-or-break for the current bull market rally.
Tesla – which kicked off reports from the “Magnificent Seven” megacap tech group – saw shares dip more than 1% on the back of mixed third-quarter results. IBM shed 2% after the tech company beat Wall Street estimates but reported in-line software revenue.
Prices for the 10-year Treasury slumped Thursday, raising yields to 4.01% from Wednesday’s 3.96%. Treasury prices and yields move in opposite directions.
Oil prices gained $3.11 to $61.61 U.S. a barrel.
Gold prices surged $69.60 to $4,135.00 U.S. an ounce.
