Equities in Canada’s largest market jumped at the open on Friday, tracking gains in commodity prices as top consumer China eased some COVID-19 curbs.
The TSX Composite kept the wheels going, gaining 99.38 points, to open Friday at 20,089.74.
The Canadian dollar acquired 0.29 cents to 75.31 cents U.S.
ON BAYSTREET
The TSX Venture Exchange moved up 1.75 points to 596.44.
All but three of the 12 TSX subgroups were positive, led by energy, up 2.2%, health-care haler by 1.7%, and real-estate, progressing 1.3%.
The three laggards were gold and staples, each down 0.5%, and industrials, off 0.1%.
ON WALLSTREET
The S&P 500 gained on Friday and headed toward its best week since June as a report showing slowing inflation on Thursday raised hopes that the Federal Reserve would soon slow its tightening campaign.
The Dow Jones Industrials gave up 57.56 points to 33,657.81, as shares of defensive stocks UnitedHealth and Merck declined.
The S&P 500 gained 20.88 points to 3,977.25.
The NASDAQ vaulted 123.23 points, or 1,1%, to 11,237.12.
All of the indexes are on pace for a winning week. The Dow is up 4% on a weekly basis, while the NASDAQ is up 7%. This week is a resumption of a comeback rally for the bear market which began in mid-October, but paused in recent weeks. The S&P 500 is now up nearly 14% from its bear market low, but still down 16% for the year.
Tech stocks on Friday shook off a decline in cryptocurrencies, which came under pressure Friday after FTX announced it’s filing for bankruptcy, and CEO Sam Bankman-Fried resigned. Bitcoin fell 6%, and ether declined more than 7%. Tech stocks and related crypto stocks rebounded after opening lower Friday.
Prices for the 10-year Treasury gained a bit of ground, lowering yields to 3.81% from Thursday’s 3.82%. Treasury prices and yields move in opposite directions.
Oil prices climbed $3.17 to $89.64 U.S. a barrel.
Gold prices jumped $9.20 to $1,762.90 U.S. an ounce.
