Canada's main stock index rose on Friday, tracking global markets, and boosted by encouraging corporate earnings from Canadian Imperial Bank of Commerce and National Bank of Canada.
The S&P/TSX index improved 190.31 points to approach noon Friday at 20,952.24.
The Canadian dollar gained 0.43 cents to 78.50 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 $7.13, or 4.6%, to $162.03
National shares popped $2.05, or 2% to $102.88.
ON BAYSTREET
The TSX Venture Exchange gained 4.61 points to 830.88.
Eight of the 12 TSX subgroups were headed upward, led by financials, gaining 1.8%, while industrials progressed 0.9%, and energy rumbled 0.8%.
The four laggards were weighed most by gold, health-care and information technology, down 0.6% each.
ON WALLSTREET
Stocks climbed Friday, building on Thursday’s rally, as investors continued to assess the financial risks stemming from Russia’s invasion of Ukraine.
The Dow Jones Industrial Index leaped 580.06 points, or 1.8%, to 33,803.89, on a path for its best day of the year.
The S&P 500 index jumped 69.43 points, or 1.6%, to 4,358.12.
The NASDAQ Composite Index regained 130.77 points, or nearly 1%, to 13,604.35.
The NASDAQ is still in correction, or down at least 10% from its record high. The Dow and S&P 500 are just outside of correction territory.
Etsy shares on Friday rose around 13% after the online marketplace’s quarterly results beat analyst estimates. Shares of Beyond Meat tumbled about 8% and Foot Locker sunk roughly 35% after disappointing earnings reports.
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 faded a tad, lifting yields to 1.98%, from Thursday’s 1.97%. Treasury prices and yields move in opposite directions.
Oil prices slumped $1.93 to $90.88 U.S. a barrel.
Gold prices dumped $39.50 to $1,886.80 U.S. an ounce.
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