Canada's main stock index opened higher on Friday, as investors watched for signs of a breakthrough in discussions to end the nearly three-month-long Middle East conflict.
The TSX Composite Index grabbed 102.05 points to begin Friday at 34,511.54.
The Canadian dollar dipped 0.13 cents to 72.46 cents U.S.
ON BAYSTREET
The TSX Venture Exchange recovered 2.36 points to 980.33.
All but three of the 12 TSX subgroups were positive in the first hour, led by information technology, ahead 2%, while telecoms ticked 1.2% higher, and consumer discretionary stocks hiked 0.5%.
The three laggards were gold, sliding 1.6%, materials, off 1.2%, and health-care, ailing 0.2%.
ON WALLSTREET
Stocks rose broadly Friday as Treasury yields eased, leaving Wall Street set to cap off a winning week despite heightened volatility.
The Dow Jones Industrials barreled ahead 298.79 points to 50,584.45, reaching an intraday all-time high.
The S&P 500 climbed 28.61 points to 7,474.33.
The NASDAQ took on 63.04 points to 26,357.52.
The S&P 500 is up 1.1% week to date, on track for its eighth straight weekly gain. That would be its longest since a nine-week winning streak that ended in late 2023.
The Dow has climbed 2.2% this week and is headed for its third positive week in four. The NASDAQ has added 0.8%, on pace for its seventh weekly advance in the past eight weeks.
Shares of Merck were up more than 3% on news that its lung cancer treatment with China-based Kelun-Biotech cut tumor progression risk by 65%. Sacituzumab tirumotecan, the drug, also yielded a survival benefit.
The phase 3 study was conducted in China. The drug was used on patients in combination with Merck’s Keytruda, the company’s immunotherapy used to treat a wide variety of cancers.
Prices for the 10-year Treasury faded a bit, raising yields to Wednesday’s 4.57%. Treasury prices and yields move in opposite directions.
Oil prices muscled up $1.52 to $97.87 U.S. a barrel.
Gold prices loosed $29.70 to $4,512.80 U.S. an ounce.
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