Stocks recovered Friday from Wednesday’s market meltdown with triple-digit gains, mostly on the back of energy stocks.
The S&P/TSX Composite Index galloped 181.26 points, or 1.2%, to end the day and the week at 15,458.46
The Canadian dollar hiked 0.52 cents to 74 cents U.S.
Markets in Canada will be closed Monday for Victoria Day.
The energy group climbed, with Encana Corporation darting higher 61 cents, or 4.2%, to $15.29, while Crescent Point Energy hiked 46 cents, or 3.6%, to $13.36. Oil and gas producers were partly bolstered by higher oil prices, which were headed towards its second week of gains
Potash Corp advanced 82 cents, or 3.8%, to $22.44 as the fertilizer producer's chief executive said a change in SQM's governance that gave Potash greater influence, did not reflect its intent to raise its stake in the Chilean lithium producer.
Elsewhere among materials issues, First Quantum Minerals rocketed 54 cents, or 4.7%, to $12.10.
In the tech field, Tecsys Inc. climbed 39 cents, or 2.9%, to $13.64, while BlackBerry acquired 27 cents, or nearly 2%, to $14.03.
Only the health-care sector fell behind, as Valeant Pharmaceutical lost two cents to $18.34, while Canopy Growth docked a penny to $8.09.
Economically speaking, Statistics Canada reported this country’s consumer price index gained 1.6% on a year-over-year basis in April, matching the increase in March. On a seasonally-adjusted monthly basis, CPI was up 0.5% in April, after decreasing 0.2% in March.
Elsewhere, retail sales rose 0.7% in March to $48.3 billion, following a 0.4% decline in February, and on the strength of higher sales at motor vehicle and parts dealers. Sales were up in six of 11 sub-sectors, representing 53% of total retail trade.
ON BAYSTREET
The TSX Venture Exchange gained 6.02 points to 806.90
All but one of the 12 TSX subgroups were higher on the day, as energy gushed 2.3%, materials were better by 1.2%, and information technology clicked 0.9% higher.
The lone laggard was in health-care, down 0.1%.
ON WALLSTREET
U.S. equities traded higher on Friday as concerns about Donald Trump's presidency recede for the time being.
The Dow Jones Industrials Average strengthened 141.82 points to 20,804.84, with Caterpillar outperforming and Johnson & Johnson lagging.
The S&P 500 vaulted 16.01 points to 2,381.73, with industrials leading all 11 sectors higher, as shares of Deere rose 7.3% after posting quarterly results that easily beat expectations.
The NASDAQ jumped 28.57 points to 6,083.70.
Among companies also reporting earnings were Foot Locker and Campbell Soup Company
Trump made his first trip overseas since taking office on Friday, first traveling to Saudi Arabia, which is planning to buy billions of dollars worth of U.S. arms.
Stocks suffered their biggest pullback of the year earlier this week after news that former Federal Bureau of Investigation Director James Comey put together a memo on a conversation with Trump. In this conversation, Trump allegedly asked Comey to stop investigating former National Security Adviser Michael Flynn.
In economic news, there were no major data released Friday. However, St. Louis Federal Reserve President James Bullard said the central bank's plans to raise rates may be too fast.
Prices for the benchmark 10-year Treasury note regained lost ground, lowering yields back to Thursday’s 2.23%. Treasury prices and yields move in opposite directions.
Oil prices gained 99 cents at $50.34 U.S. a barrel
Gold prices heightened $2.20 at $1,255.00 U.S. an ounce.
