Canada's main stock ?index advanced on Thursday, boosted by mining stocks tracking higher precious metal prices, while the US Federal Reserve's reaffirmed focus on fighting inflation lifted broader risk appetite.
The TSX popped 379.56 points, or 1.1%, to move into noon hour EDT Thursday at 35,870.83.
The Canadian dollar inched up 0.03 cents to 71.46 cents.
Discovery Mining took on 86 cents to $111.38,and AbraSilver Resource gained $1.08, or 8.5%, while Barrick Mining was up $1.75, or 2.9%, to $61.22.
Bank of Canada Governor Tiff Macklem said on Wednesday inflation is likely to remain elevated in the near term and reiterated the central bank's readiness to raise rates if price pressures persist.
Prime Minister Mark Carney is set to address the European Parliament on Thursday, amid tensions with Washington over the EU's plans to grant Canada associate member status.
On the economic lineup, Statistics Canada reported foreign investors purchased $20.6 Billion worth of Canadian securities in July, compared with the net sale of $30.6 Billion of foreign instruments by Canadians
In August, the agency’s industrial product price index gained 1.3%, and 13.5% year-over-over. Its raw materials price index tacked on 3.1%, and 13.5% year-over-year.
ON BAYSTREET
The TSX Venture Exchange regained 21.8 points, or 2.4%, to 917.82.
All 12 subgroups were in the green midday, led by gold and materials, up 3.6%, while information technology gained 1.2%.
ON WALLSTREET
U.S. equities climbed on Thursday, supported by a drop in Treasury yields and oil prices as well as gains in key technology stocks, with traders trying to claw back some of the prior day’s losses incited by the first Federal Reserve interest rate hike in three years.
The Dow Jones Industrials reasserted themselves 319.86 points to 51,781.76
The S&P 500 index climbed 82.89 points, or 1.1%, to 7,634.75.
The NASDAQ Composite restocked 424.34 points, or 1.6%, to 26,719.25.
Tech drove the broader market higher. “Magnificent Seven” names Nvidia and Amazon rose 2% each, while fellow member Microsoft gained 1%. Other stocks related to the artificial intelligence trade such as Applied Materials, Qualcomm and Intel advanced 2%, 4% and 3%, respectively.
Beyond tech, industrials offered momentum as well, with stocks like Caterpillar moving up more than 2%.
Prices for the 10-year Treasury sprang up, lowering yields to 4.95% from Thursday’s 5.02%. Treasury prices and yields move in opposite directions.
Oil prices sank $1.27 to $101.16 U.S. a barrel.
Gold prices recovered $17.60 to $4,405.10 U.S. an ounce.
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