Canada's main stock index moved doggedly into the green by the closing bell on Friday as hotter-than-expected U.S. inflation data spurred worries about the Federal Reserve keeping interest rates higher for longer.
The TSX acquired 31 points, to conclude Friday at 20,219.19. On the week, though, different story, as the index lost 295 points, or 1.44%.
Energy stocks were among the most positive of the bunch, with Advantage Oil soaring 43 cents, or 5.2%, to $8.63, while Athabasca Oil jumped 17 cents, or 5.8%, to $2.93.
In consumer staples, George Weston captured $3.34, or 1.9%, to $173.82, while Empire Company added 49 cents, or 1.3%, to $36.99.
Financials were also in plus country, with ONEX gaining $2.74, or 4.1%, to $69.21, while CIBC leaped $1.62, or 2.7%, to $62.85.
Techs were bruised, however, with HUT 8 Mining docking 22 cents, or 9.1%, to $2.20, while Softchoice was down $1.34, or 7.6%, to $16.38.
In health-care, Sienna Senior Living skidded 47 cents, or 3.8%, to $11.87, while Cronos Group gave back eight cents, or 2.7%, to $2.89.
Materials were also badly off, as First Majestic Silver plunged $1.10, or 11.9%, to $8.11, while Hudbay Minerals lost 21 cents, or 3.2%, to $6.31.
ON BAYSTREET
The TSX Venture Exchange dipped 3.57 points, on the day, to 616.86, for a dip on the week of nearly 11 points, or 1.74%.
All but three of the 12 subgroups retreated, with information technology fading 2.1%, while health-care dipped 1.7%, and materials slid 0.6%.
Energy led the three positive subgroups, climbing 1.5%, financials, up 0.4%, and consumer staples eked up 0.02%.
ON WALLSTREET
U.S. stocks fell sharply Friday, wrapping up their worst week of 2023, after the Federal Reserve’s preferred inflation gauge showed a stronger-than-expected increase in prices last month.
The Dow Jones Industrials stumbled 336.86 points, or 1%, to conclude the week at 32,817.05.
The S&P 500 dropped 42.27 points, or 1.1%, to 3,970.05.
The NASDAQ Composite dumped 195.46 points, or 1.7%, to 11,394.94.
Boeing shares slipped more than 4% after the company temporarily halted delivery of its 787 Dreamliners over a fuselage issue. Shares of Microsoft docked 22% and Home Depot fell 0.9%.
The major averages are headed for a losing week. The S&P 500 is down 2.7% and is set for its worst week since Dec. 9. The Dow is down almost 3.0% this week and headed for its fourth straight losing week. The NASDAQ is 3.3% lower, and on pace for its second negative week in three.
The core personal consumption expenditures price index, the Fed’s preferred measurement of inflation, rose 0.6% in January and 4.7% from the prior year, coming above economists’ expectations.
The report added to worries that the Fed may have to keep rates higher for longer to quell inflationary pressures.
Prices for the 10-year Treasury sagged, raising yields to 3.95% from Thursday’s 3.89%. Treasury prices and yields move in opposite directions.
Oil prices regained $1.18 to $76.57 U.S. a barrel.
Gold prices were thumped $8.80 to $1,818.00 U.S. an ounce.
