Canada's main stock index jumped on Thursday, with materials and energy stocks leading gains as risk-on sentiment flourished a day after the U.S. Federal Reserve indicated it may pivot to rate cuts next year.
The TSX Composite continued its upward momentum, up 161.44 points, or 2%, to open Thursday at 20,790.89, touching its highest level since Feb. 2.
The Canadian dollar spiked 0.49 cents at 74.10 cents U.S.
TMX Group said it had acquired an around 78% stake in U.S. data analytics company VettaFi Holdings for $1.14 billion.
Pembina Pipeline said it would buy Enbridge's interests in the Alliance Pipeline, Aux Sable and NRGreen joint ventures for $3.1 billion.
Canadian Natural Resources expects production to increase in 2024, while Cenovus Energy forecast higher capital expenditure in 2024.
On the economic slate, in October, manufacturing sales decreased 2.8% in October, mainly on lower sales of petroleum and coal product, machinery, and computer and electronic product subsectors.
Also in October, motor vehicle sales in this country registered at 151,100, down from 163,280 in the prior-year month.
ON BAYSTREET
The TSX Venture Exchange surged 4.99 points, or 1%, to 531.96.
All but three of the 12 subgroups were higher out of the gate Thursday, with gold soaring 2.9%, while materials climbed 2.5%, and health-care sprang up 2.3%.
The three laggards proved to be consumer staples, falling 1.8%, communications, down 0.4%, and consumer discretionary, settling 0.2%.
ON WALLSTREET
The Dow Jones Industrial Average kept its rally going Thursday a day after closing above 37,000 for the first time ever as the 10-year Treasury tumbled below 4% and a surprise gain in retail sales gave investors further confidence 2024 would bring a soft economic landing.
The blue-chip index took on 59.13 points to 37,149.37.
The S&P 500 acquired 17.09 points to 4,724.18.
The NASDAQ jumped 54.57 points to 14,788.54, on pace for a record close Thursday. The index has been boosted this year by gains in Nvidia and other members of the so-called Magnificent Seven.
Solar stocks ticked higher as yields fell. The Invesco Solar ETF (TAN) climbed more than 7%, with constituents SunRun popping 14% and Enphase gaining 8.4%. Shares of Moderna climbed nearly 15% after trial data showed its experimental cancer vaccine reduced the risk of death or reoccurrence when used alongside Merck’s Keytruda.
Prices for the 10-year Treasury leaped, lowering yields to 3.95% from Wednesday’s 4.02%. Treasury prices and yields move in opposite directions.
Oil prices jumped $2.57 to $72.04 U.S. a barrel.
Gold prices leaped $63.90 to $2,061.20.
