New 8-Mo. Peak for Stocks

Inflation Figures Out

Stock indexes in Toronto opened higher on Friday, touching its strongest level in nearly eight months as financials led the broad-based gains.

The S&P/TSX Composite Index leaped 56.53 points to start the week’s last session at 15,874.53

The Canadian dollar hurtled lower 0.68 cents to 79.42 cents U.S.

British Business Secretary Greg Clark will hold talks in Canada on Friday to discuss Airbus SE's plans to buy a majority stake in Bombardier's C-Series jetliner program aimed at helping it avoid high U.S. import tariffs.

Bombardier shares inched up two cents to $2.80.

Canaccord Genuity raised the price target Kinross Gold to $8.00 from $7.75. Kinross shares acquired a penny to $5.39.

Canaccord Genuity cut the price target on Sandstorm Gold to $9.50 from $10. Sandstorm shares lost six cents, or 1.1%, to $5.46.

On the economic beat, Statistics Canada reported that the consumer price index rose 1.6% on a year-over-year basis in September, following a 1.4% increase in August.

On a seasonally-adjusted monthly basis, the Consumer Price Index was up 0.2% in September, matching the increase in August.

The agency said retail trade declined 0.3% in August to $48.9 billion, after increasing 0.4% in July. Sales were down in eight of 11 sub-sectors, representing 57% of retail trade.

On the economic beat, Statistics Canada came out with employment insurance figures for August, and revealed that the number of beneficiaries decreased by 9,600, or 1.8%, to 524,200 in August, continuing a downward trend that began last October.

ON BAYSTREET

The TSX Venture Exchange picked up 4.8 points to 786.87

All but one of the 12 TSX subgroups were on the march to begin the day, as information technology clicked 0.7%, with industrials and materials each soaring 0.6%.

Only consumer staples missed the festivities, down 0.1%.

ON WALLSTREET

U.S. stocks traded higher on Friday after the Republicans took a step toward achieving tax reform.

The Dow Jones Industrials inched higher 67.67 points from Thursday’s all-time record to 23,230.71. Cisco Systems and American Express both rose 1% to lead advancers. Shares of JPMorgan Chase, meanwhile, hit an all-time high after also jumping 1%.


The S&P 500 improved 9.09 points to manage a record close at 2,571.15, advancing 0.3% as financials led advancers.

The NASDAQ recovered 32.53 points to 6,637.58.

PayPal was the best-performing stock in the index, rising nearly 6% after the company reported better-than-expected quarterly results.

Celgene shares were the worst performers on the S&P 500, falling more than 9% after the company said it will discontinue trials on a drug aimed at treating Crohn's disease.

Wall Street also looked to corporate earnings on Friday, as General Electric and Honeywell, among others, reported quarterly results.

Honeywell reported earnings per share that were in line with expectations while GE posted a big miss on its bottom line.

GE shares dropped 2% in early trade.

The Senate approved a $4-trillion budget measure Thursday by a 51-49 vote. Passing a budget unlocks reconciliation, which enables the GOP to pass a tax bill with a simple 51-vote majority in the Senate. Using the tool removes the need for winning Democratic support, which would likely sink a GOP tax measure.

Investors also looked to Washington as President Donald Trump has reportedly completed interviews with all five of the candidates that he's considering for the role, including current Chair Janet Yellen.

A decision that could potentially even be announced next week

Prices for the benchmark 10-year Treasury note slumped, spiking yields to 2.38% from Thursday’s 2.32%. Treasury prices and yields move in opposite directions.

Oil prices lost 11 cents a barrel to $51.18 U.S.

Gold prices retreated seven dollars an ounce to $1,283 U.S.