Thursday was recovery day for markets throughout North America, as investors followed strength in certain companies’ earnings statements.
The TSX leaped 155.92 points to adjourn Thursday at 20,522.64.
The Canadian dollar marched ahead 0.22 cents to 73.58 cents U.S.
Cannabis led the parade, particularly Tilray Inc., jumping 26 cents, or 8.8%, to $3.21, while Canopy Growth gained four cents to 2.3%, to $1.77.
Among financials, Canadian Western Bank climbed 55 cents, or 2.3%, to $24.25, while National Bank soared $2.20, or 2.2%, to $100.23.
Communications moved up to take the “bronze medal”, powered by Cogeco Communications, popping $1.02, or 1.6%, to $65.43, while Quebecor hiked 47 cents, or 1.4%, to $35.00.
On the economic slate, Statistics Canada reported the number of employees receiving pay or benefits from their employer—measured as "payroll employees" in the Survey of Employment, Payrolls and Hours—rose by 62,500 (+0.3%) in February, following an increase of 75,300 (+0.4%) in January.
ON BAYSTREET
The TSX Venture Exchange regained 3.70 points to 606.28.
All 12 TSX subgroups were positive, led by health-care stocks, up 1.8%, financials, improving 1.2%, and consumer staples, ahead 1%.
ON WALLSTREET
Stocks rose Thursday, as strong results from Meta Platforms boosted tech-related names, and investors weighed the latest data on the U.S. economy.
The Dow Jones Industrials leaped 524.29 points, or 1.6%, to close Thursday at 33,826.16, putting it on pace for the best day since Jan. 6.
The S&P 500 prospered 79.36 points, or 2%, to 4,135.35.
The NASDAQ Composite leaped 287.89 points, or 2.4%, to 12,142.24.
Meta shares leapt more than 14% as the company reported quarterly revenue that beat expectations and issued an upbeat forecast. Several analysts hiked their price targets following the release. Shares of other tech-related names such as Amazon — which is slated to report after the bell — Alphabet, Microsoft and Apple, also popped.
Honeywell, an industrial bellwether, popped more than 3% on the back of a quarterly report that was better than Wall Street expected.
Teladoc and Comcast were among the other companies trading higher after releasing earnings reports.
However, Caterpillar, another barometer of the global economy, fell nearly 1% as investors feared a build-up in inventory suggests demand is slowing.
Amazon and Intel will share their quarterly results after the closing bell Thursday adding to what has been a major earnings week for the technology sector.
However, sentiment was kept in check after GDP data showed less economic growth than expected. The U.S. economy grew 1.1% in the first quarter, while economists polled by Dow Jones forecasted an expansion of 2%. The report also showed stronger-than-expected inflation, with prices increasing 4% compared with a consensus estimate of 3.7%.
Prices for the 10-year Treasury were lower, raising yields to 3.52% from Wednesday’s 3.44%. Treasury prices and yields move in opposite directions.
Oil prices raced 57 cents to $74.87 U.S. a barrel.
Gold prices let go of $1.40 to $1,997.40 U.S. an ounce.
