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Higher Open to Conclude Rough Week

Ford Hikes on Labour Situation Optimism

Ford Hikes on Labour-Situation Optimism

Canada's main stock index opened higher on Friday, supported by a rise in commodity prices that lifted materials and energy stocks, while Canadian retail sales for July were softer than expected.

The TSX Composite Index regained 57.88 points to commence Friday’s sessions at 19, 849.50. On the week, the index looks to lose 3.7%.

The Canadian dollar took on 0.19 cents at 74.38 cents U.S.

News outlets are reporting Stelco Holdings is pursuing a bid for U.S. Steel Corp. The news sent Stelco up four cents to $37.19.

On the economic beat, Statistics Canada reports retail trade increased 0.3% to $66.1 billion in July, while the New Housing Price Index edged up by 0.1% month over month in August. Prices were unchanged in 16 of the 27 census metropolitan areas (CMAs) surveyed, up in five and down in six CMAs.


The TSX Venture Exchange recovered 3.14 points to 571.73, on pace for a weekly loss of 3.2%.

The 12 TSX subgroups were evenly divided, gold topping the winners list, up 1%, while energy hiked 0.9%, and materials surged 0.8%.

The half-dozen laggards were weighed most by utilities, sagging 0.4%, real-estate, weaker by 0.3%, and health-care, off 0.2%.


The S&P 500 advanced Friday, but the market was still poised to end the week with steep losses.

The Dow Jones Industrials recovered Friday from losses Thursday, taking 49.84 points to 34,120.26.

The much-broader index recouped 13.13 points to 4,343.13.

The NASDAQ index rebounded 60.85 points to 13,284.84.

Ford climbed more than 2% after a source told media outlets that the auto giant was reported making progress in negotiations with the striking United Auto Workers union. Stellantis and General Motors, the other two automakers standing off with the union, also traded higher.

Those moves followed a three-day losing streak for the major averages, as investors reacted to a signal from the Federal Reserve that it intended to keep interest rates higher for longer.

The S&P 500 and the technology-heavy Nasdaq Composite are down 2.5% and 3.1% this week, respectively, on track for their worst weekly performance since March. It would also be their third negative week in a row. The blue-chip Dow has dipped 1.6% on the week.

Investors also became concerned about a government shutdown, which could dent consumer confidence and slow down the economy further. House Republican leaders sent the chamber into recess on Thursday.

Prices for the 10-year Treasury gained ground, lowering yields to 4.45% from Thursday’s 4.49%. Treasury prices and yields move in opposite directions.

Oil prices recuperated $1.53 to $91.16 U.S. a barrel.

Gold prices jumped $7.60 to $1,947.20 U.S. an ounce.