Equities in Canada’s biggest centre bounced higher Friday, with its oil and gas stocks leading a broad rally backed by oil, while banks, industrial and consumer stocks also rose.
The S&P/TSX composite index leaped 353.72 points, or 2.2%, to close Friday and the week at 12,389.58.
Shares rose as much as 11% earlier, their biggest intra-day gain since October 2013.
The Canadian dollar hiked 0.6 cents to 70.69 cents U.S.
The energy sector climbed, with Suncor Energy up $1.57, or 5.3%, to $31.33, Canadian Natural Resources advancing $1.24, or 5%, to $26.06 and Baytex Energy Corp. jumping 36 cents, or 15%, to $2.76.
Heavyweight bank and financial stocks were influential, with Toronto-Dominion Bank adding $1.50, or 3%, to $51.68 and insurer Manulife Financial up 45 cents, or 2.5%, to $18.71.
Royal Bank of Canada added $2.51, or 3.8% to $69.34. Canada’s largest bank sold its general insurance arm to Aviva on Thursday.
Canadian Pacific Railway Ltd. surged the most in more than two years as speculation mounted that the company may drop its attempt to purchase Norfolk Southern Corp.
Canada’s second largest railroad gained $15.90, or 10.6%, to $165.74.
On the economic beat, Statistics Canada reported that Canada’s Consumer Price Index rose 1.6% in the 12 months to December, after increasing 1.4% in November. On a seasonally-adjusted monthly basis, inflation advanced 0.1% in December, after increasing 0.2% in November.
The agency also reported that following flat sales in October, retail sales rose 1.7% in November to $44.3 billion. The agency attributes much of the gain to higher sales at new car dealers. With the exception of gasoline stations, all sub-sectors showed an increase in sales, representing 90% of retail trade.
ON BAYSTREET
The TSX Venture Exchange rocketed 8.62 points, or 1.8%, to 483.67.
All but one of the 13 TSX subgroups were positive on the day, as energy triumphed 5.4%, industrials moved up 3.9% and utilities clicked 3.5% higher.
Only metals and mining weakened, and only 0.7%.
ON WALLSTREET
Stocks south of the border closed higher Friday, for their first positive week in four, helped by a recovery in oil from multi-year lows and hopes of stimulus overseas.
The Dow Jones industrial average bolted 210.83 points, or 1.3%, to close out the week at 16,093.51, with Apple and Goldman Sachs contributing the most to gains.
American Express fell 12.1% as the greatest weight on the Dow, after the firm posted earnings that beat on both the top and bottom line, but noted the stronger dollar impacted its overall results. Amex also announced plans to cut $1 billion U.S. in costs by the end of 2017.
The S&P 500 picked up 36.91 points, or 2%, to 1,905.90, above the psychologically key 1,900 level, with energy gaining 4.3% to lead all sectors higher.
The NASDAQ index popped 119.12 points, or 2.7%, to 4,591.18. Apple jumped 5.3% after Piper Jaffray recommended investors buy shares ahead of next week's earnings report, saying the stock could jump 50% by the presumed iPhone 7 launch in September.
General Electric reported earnings that beat by three cents, but revenue missed, pressured by a strong dollar and a delay in some shipments in power and renewables to 2016 from 2015. The stock fell about 1.5% in early afternoon trade.
Starbucks held a touch lower in afternoon trade after giving softer-than-expected current quarter outlook. The coffee chain did beat estimates by one cent on revenue that was roughly in line.
The January U.S. Markit Flash Manufacturing PMI came in at 52.7, above the final December print of 51.2. December U.S. leading indicators fell 0.2%.
The National Association of Realtors said Friday existing home sales in December jumped a record 14.7% to an annual rate of 5.46 million units, after being temporarily held back by the introduction of new mortgage disclosure rules, which had caused delays in the closing of contracts in November.
The Chicago Fed December National Activity Index came in at minus 0.22, versus November's negative 0.36 read.
Prices for the 10-year Treasury fell, raising yields to 2.06% from Thursday’s 2.03%. Treasury prices and yields move in opposite directions.
Oil prices spiked $2.47 a barrel to $32.00 U.S.
Gold prices eased $3.69 to $1,079.51 U.S. an ounce.
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