Canada's main stock index rose on Thursday, buoyed by gains in technology and health-care stocks, reflecting the gains in its Wall Street peers after chip designer Nvidia's strong quarterly results and forecast.
The TSX Composite sprang up 134.14 points to move into Thursday afternoon at 21,306.52.
The Canadian dollar moved lower 0.03 cents to 74.07 cents U.S.
Information technology stocks led gains on the index with a 1.5% rise and are set to snap their three-session losing streak. Celestica rose $5.38, or 10.7%, to $55.60, the highest among the tech stocks.
Health-care companies also rose, helped by Bausch Health's gain of 92 cents, or 7.9%, to $12.61, after quarterly revenue beat.
Communication services shares declined, pulled down by a fall in Quebecor of $1.02, or 3.2%, to $30.50, after its fourth-quarter results.
In corporate news, shares of Enerplus climbed $2.43, or 11%, to $24.63 after U.S. energy firm Chord Energy said on Wednesday it would acquire Enerplus to create a Williston basin-focused entity with an enterprise value of $11 billion.
On the economic calendar Thursday, Statistics Canada reported retail sales increased 0.9% to $67.3 billion in December. Sales were up in five of nine subsectors and were led by increases at motor vehicle and parts dealers.
ON BAYSTREET
The TSX Venture Exchange gained 2.9 points to 552.92.
All but three of the 12 subgroups were higher midday, with information technology stocks climbing 1.8%, while health-care soared 1.7%, and financials were richer 0.9%.
The three laggards were gold, down 2.7%, while communications ditched 0.9%, and utilities were off 0.6%.
ON WALLSTREET
The S&P 500 surged Thursday to an all-time high after chip giant Nvidia reported much stronger-than-expected quarterly results, lifting the broader tech sector.
The Dow Jones Industrials popped 236.44 points to 38,848.36.
The S&P 500 jumped 79.21 points, or 1.6%, to 5,061.01.
The NASDAQ index soared 363.18 36 points, or 2.3%, to 15,943.93.
Those increases put the major averages on track to snap a three-day losing streak.
Nvidia popped more than 15% to an all-time high after the chip company said total revenue rose a whopping 265% from a year ago — driven by its booming artificial intelligence business. Nvidia, which has become one of the largest U.S. companies by market capitalization, also forecast another stellar revenue gain for the current quarter, even against elevated expectations for massive growth.
Other tech names were also higher. Facebook parent Meta and Amazon gained more than 3% and 2%, respectively. Microsoft and Netflix advanced more than 1%.
AI enthusiasm has powered the jaw-dropping rally in Nvidia, along with other Big Tech names, over the past year. The chipmaker’s blowout quarter could further boost confidence in the space that has benefited the broader market.
Prices for the 10-year Treasury stayed put, keeping yields at Wednesday’s 4.32%.
Oil prices gained 23 cents to $78.14 U.S. a barrel.
Gold prices skidded $2.90 to $2,031.40.
