The Toronto stock market enjoyed a rebound Friday, after investors were sent reeling from a triple-digit loss on Thursday, under suspense as to the U.S. Federal Reserve’s next move.
The S&P/TSX composite index began Friday up 38.27 points to 12,739.32, after yesterday’s 120-point-plus loss
The Canadian dollar was down 0.07 cents to 96.79 cents U.S.
National Bank Financial cut the target price on BRP Inc to $31 from $32 after the company reported results that were below expectations. BRP shares blossomed 28 cents to $27.43
RBC cut the target price on Torex Gold Resources Inc to $2.25 from $2.50 as a result of the company pushing out the initial start date of Morelos. Torex shares took on a penny to $1.47
RBC raised the target price on Transcontinental Inc. to $16 from $15 after the company reported third-quarter results that were better than expected. Transcontinental shares gained two cents to $14.28
ON BAYSTREET
The TSX Venture Exchange dropped 3.86 points to open at 936.53
All but two of the 14 Toronto subgroups were higher at the outset, led by gold stocks, up 1.2%, materials, which include gold stocks, jetting up 0.7%, and telecoms, stronger by 0.6%.
The two laggards were global base metals, down 0.7%, and metals and mining, off 0.3%.
ON WALLSTREET
Investors were upbeat Friday morning as they anticipated the next moves from the Federal Reserve and waited for more details on Twitter's IPO plans.
The Dow Jones Industrials opened Friday up 34.51 points to 15,335.20.
The S&P 500 index gained 3.95 points to 1,687.37. The NASDAQ fell 10.46 points to 3,705.50
Twitter grabbed plenty of headlines when the social networking site revealed after the closing bell Thursday that it had issued a confidential filing with the U.S. Securities and Exchange Commission for a planned Initial Public Offering.
Investors were awaiting more details on the offering. Twitter has not yet disclosed information about sales, profits and other key financial information. It is also not clear if the company will list its shares on the New York Stock Exchange or NASDAQ.
But Twitter's IPO filing comes at a time when social media stocks are red hot. Facebook and LinkedIn are near all-time highs. Groupon has more than doubled in 2013 while Yelp has more than tripled
Investors will also be keeping tabs on a batch of economic releases Friday. Before the opening bell, the Census Bureau reported that although monthly retail sales were up modestly in August, they were lower than expected. Auto sales rose nearly 1% in August, but consumers cut back at other retailers, including clothing and sporting good stores.
Despite the weaker sales, many investors still think that the Fed will decide to begin scaling back its quantitative easing program at a meeting next week.
Prices for the 10-year U.S. Treasury inched up, lowering yields to 2.90% from Thursday’s 2.91%. Treasury prices and yields move in opposite directions.
Oil prices jettisoned $1.26 to $107.35 U.S. a barrel.
Gold prices fell $16.90 at $1,313.70 U.S. an ounce.
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