Stocks on this side of the border rose on Friday, mirroring a rally in global markets, as financial and commodity shares rose after coming under pressure this week on renewed speculation the U.S. Federal Reserve may raise interest rates as soon as June.
The S&P/TSX Composite Index rocketed 102.26 points to close the day and week at 13,919.58
The index was on track to rise 1.3% for the week, while it has rebounded more than 20% from an almost three-and-a-half-year low in January.
The Canadian dollar dipped 0.16 cents to 76.21 cents U.S.
Canadian markets will be shuttered Monday for the Victoria Day holiday.
National Bank of Canada gained 46 cents, or 1.1%, to $42.45, and Manulife Financial Corp. added 39 cents, or 2.1%, to $18.79, to lead financial services companies higher. The nation’s largest lenders are scheduled to report second-quarter earnings next week, starting with Bank of Montreal on May 25.
Firefighters successfully defended Suncor Energy Inc. and Syncrude Canada Ltd.’s oil-sands operations and rain brought some relief to the Alberta oil-sands ravaged by wildfires. The respite renews prospects for a restart to operations.
Suncor shares advanced 20 cents to $34.50.
Tech stocks surged, as BlackBerry gained 16 cents, or 1.8%, to $8.94, and OpenText Corporation advanced $1.06, or 1.5%, to $74.00
Among health-care stocks, Valeant Pharmaceuticals added $1.77, or 5.2%, to $36.04.
On the economic slate, Statistics Canada reported that inflation hiked in April, as the consumer price index increased 1.7%, after a jump of 1.3% the month before.
The agency adds that, on a seasonally-adjusted monthly basis, the CPI increased 0.2% in April, matching the gain in March
The agency also reported that retail sales slumped 1% in March to $43.8 billion, after gaining in January and February. Sales were down in six of 11 sub-sectors, representing 74% of total retail trade.
ON BAYSTREET
The TSX Venture Exchange gained 7.91 points to 686.14
All 13 TSX subgroups grew on the day, with information technology clicking 1.4% higher, while health-care and consumer discretionary issues moved up 1.2%.
ON WALLSTREET
U.S. stocks closed higher Friday, with tech stocks leading as the major averages attempted to recover losses for the week after falling amid renewed concerns of a rate hike sooner rather than later.
The Dow Jones Industrials came off its highs of the day to gain 65.54 points to 17,500.94, with IBM and Travelers contributing the most to gains as most member stock advanced.
The S&P 500 was positive 11.29 points to 2,051.33. Tech, health-care and financials led S&P 500 gainers.
The NASDAQ Composite leaped 57.03 points, or 1.2%, to 4,769.56, helped by gains in shares of Microsoft and Apple.
Campbell Soup reported quarterly earnings a share above estimates on revenue that was a touch lower, and also raised its full-year earnings forecast.
Deere posted earnings that beat on both the top and bottom line. The heavy equipment maker noted the continuing downturn in the global farm economy, as well as weakness in the construction equipment sector, but said it was helped by its flexible cost structure, among other factors.
Foot Locker matched estimates with first-quarter profit of $1.39 U.S. per share. Revenue was slightly below analysts' expectations, and the comparable-store sales increase of 2.9% was below consensus estimates of a 4.5% jump.
Economically speaking, U.S. existing home sales increased 1.7% in April to an annual rate of 5.45 million units, according to the National Association of Realtors. March's sales pace was revised slightly higher to 5.36 million units from the previously reported 5.33 million units
Prices for the 10-year Treasury were higher, thus lowering yields to 1.84% from Thursday’s 1.85%. Treasury prices and yields move in opposite directions.
Oil prices fell 41 cents a barrel to $47.75 U.S.
Gold prices dumped $2.77 to $1,251.98 U.S. an ounce.
