Equity investors ignored the deadly rumblings from Eastern Europe and basically had a party Friday, bidding markets through the roof, particularly in the oil and money sectors.
The S&P/TSX index hurtled skyward 344.07 points, or 1.7%, to close Friday at 21,106, for a gain on the week of 98 points, or 0.5%.
The Canadian dollar hiked 0.66 cents to 78.73 cents U.S.
CIBC beat analysts’ estimates for quarterly earnings on Friday, as adjusted profit rose 14% from a year-ago period as the lender saw lower provisions and higher revenue across its units.
CIBC shares galloped $8.7 1, or 5.6%, to $163.61
Imperial Oil jumped 64 cents, or 1.2%, to $55.66.
Industrials also proved solid, notably Bombardier, up seven cents, or 4.6%, to $1.59.
The TSX Venture Exchange gained 9.94 points, or 1.2%, to 836.21.
By the closing bell, all 12 TSX subgroups were in the green, with energy and financials each soaring 2.3%, and industrials up 1.4%.
Stocks climbed Friday to close out a volatile week of trading, as investors continued to assess the financial risks stemming from Russia’s invasion of Ukraine.
The Dow Jones Industrial Index popped 834.92 points, or 2.5%, to 33,803.89, on a path for its best day of the year.
The S&P 500 index jumped 95.95 points, or 2.2%, to 4,384.65.
The NASDAQ Composite Index powered up 221.04 points, or 1.6%, to 13,604.35.
Stocks are coming off a whipsaw trading session Thursday in which the major indexes staged a massive comeback from steep declines earlier in the day. The Dow on Thursday erased a more than 800-point decline to close higher.
Still, the Dow posted its third-straight losing week, marginally lower over the past five days. The S&P 500 finished the week 0.8% upwards, while the NASDAQ was 1.1% higher.
Shares of Johnson & Johnson and 3M were the top gainers of the Dow on Friday, adding more than 4% each. Etsy shares led the S&P 500 on Friday, rising 16.2% after the online marketplace’s quarterly results beat analyst estimates.
Shares of Beyond Meat tumbled 9.2% after a disappointing earnings report. Foot Locker shares plunged 29.8% after the retailer said 2022 sales will fall as it expects to sell fewer Nike products.
Russia is closing in on the Ukrainian capital of Kyiv, according to Ukrainian officials. The capital had been hit by “horrific Russian rocket strikes,” Ukrainian Foreign Minister Dmytro Kuleba said. That came a day after U.S. Secretary of State Antony Blinken told the media that Kyiv “could well be under siege” soon.
U.S. President Joe Biden rolled out a new wave of sanctions against Russia on Thursday afternoon in a broad effort to isolate Moscow from the global economy. The White House has also authorized additional troops to be stationed in Germany as NATO allies look to bolster defenses in Europe, Biden said.
On the data front, the core personal consumption expenditures price index, the Federal Reserve’s primary inflation gauge, rose 5.2% from a year ago, the Commerce Department reported Friday. Economists surveyed by Dow Jones expected a 5.1% print.
Prices for the 10-year Treasury gained a bit, restoring yields to Thursday’s 1.97%. Treasury prices and yields move in opposite directions.
Oil prices dipped 46 cents to $92.35 U.S. a barrel.
Gold prices dumped $35.20 to $1,891.70 U.S. an ounce.