Canada’s stock index rose sharply on Friday as investors registered their approval of cooling wages both domestically and in the United States, with the main index headed for its best week in six.

The TSX zoomed 265.1 points, or 1.4%, to finish out the week at 19,771.94. Over the last four sessions of an abbreviated week (markets were closed Monday) the gain amounted to 429 points, or 2.2%.

The Canadian dollar sprang up 0.65 cents at 74.38 cents U.S.

Energy proved the big winner on Friday, with Paramount Resources gushing $1.65, or 6.5%, to $27.18, while Canadian Natural Resources surged $2.39, or 3.4%, to $73.09.

Among industrials, Finning International acquired $1.09, or 3.2%, to $34.80, while GFL Environmental grabbed $1.27, or 3.1%, to $42.49.

In consumer stocks, Aritzia obtained $1.55, or 3.2%, to $49.33, while Dollarama moved up $2.31, or 2.9%, to$82.65.

On the economic slate, Statistics Canada reported employment rose by 104,000 (or 0.5%) in December, and the unemployment rate declined 0.1 percentage points to 5.0%, just above the record low of 4.9% reached in June and July.

ON BAYSTREET

The TSX Venture Exchange improved 10.77 points, or 1.9%, to 581.89, for a weekly surge of 11 points, or 1.94%.

All 12 subgroups finished Friday positively, with energy up 3%, materials better by 2.2%, and gold stocks up 2%.

ON WALLSTREET

U.S. stocks rallied Friday after the December jobs report and an economic activity survey showed signs that inflation may be cooling as the Federal Reserve raises interest rate hikes.

The Dow Jones Industrials rumbled higher 699.81 points, or 2.1%, to close Friday at 33,629.89, a gain of 1.5% on the week.

The S&P 500 jumped 86.93 points, or 2.3%, at 3,896.08, picking up 1.45% in the first week of the calendar year.

The NASDAQ Composite Index piled on 264.05 points, or 2.6%, to 10,569.29, moving ahead nearly a full percentage point on the week.

The December non-farm payrolls report showed that the U.S. economy added 223,000 jobs last month, slightly higher than the expected 200,000 jobs economists polled by the Dow Jones expected. In addition, wages grew slower than anticipated, increasing 0.3% on the month where economists expected 0.4%.

Prices for the 10-year Treasury climbed sharply, lowering yields to 3.56% from Thursday’s 3.73%. Treasury prices and yields move in opposite directions.

Oil prices dropped one cent to $73.66 U.S. a barrel.

Gold prices roared higher $31.20 to $1,871.80 U.S. an ounce.

Source link