Canada's main stock index rose midday Thursday as the U.S. Federal Reserve's massive program to shore up the world's largest economy overshadowed record domestic job losses in March.
The TSX Composite Index had gained 266.69 points, or 2.5%, nearing noon hour EDT to 14,192.40, slightly off its highs of the morning.
The Canadian dollar soared 0.32 cents to 71.63 cents U.S.
Markets in North America will be closed Friday for Good Friday.
The largest percentage gainers on the TSX were Air Canada, which jumped $2.16, or 11.5%, to $20.90, and Bausch Health Co, which rose $3.66, or 16.6%, to $25.65.
Maple Leaf Foods recovered from a rough morning and gained 74 cents, or 3.1%, to $24.76. Empire Company, however, fell $1.26, or 4%, to $30.16.
Economically speaking, Statistics Canada said the economy lost 1,011,000 jobs in March, raising the unemployment rate 2.2 percentage points to 7.8%.
ON BAYSTREET
The TSX Venture Exchange gained 10.38 points, or 2.5%, to 419.27.
All but one of the 12 TSX subgroups gained approaching noon EDT. Gold brightened 7.3%, materials surged 5.4%, and health-care stocks gained 3.8%.
Only consumer staples hesitated, and only 0.4% at that.
ON WALLSTREET
The Dow Jones Industrial Average rallied on Thursday, wrapping up its best week in more than 80 years, after the Federal Reserve gave more details on how it will support the economy amid the coronavirus pandemic.
The 30-stock average rocketed 311.96 points, or 1.3%, to 23,745.53
The S&P 500 jumped 34.13 points, or 1.2%, to 2,784.15.
The NASDAQ Composite gained 67.54 points to 8,158.44.
The Dow was up more than 12.9% for the week after Thursday’s open, putting the 30-stock average on pace for its biggest weekly gain since 1938.
The S&P 500 was up 12.1% week to date, on pace for its best week since 2008. The NASDAQ had gained 10.9% and was headed for its best weekly performance since 2008.
After Thursday’s open, Dow was up more than 13% for the week, putting it on pace for its biggest weekly gain since 1938. The S&P 500 was up 12.7% week to date, on pace for its best week since 1974. The NASDAQ had gained 10.5% and was headed for its best weekly performance since 2009.
The U.S. stock market will be closed Friday due to Good Friday.
Stocks came off their highs after Democrats in Congress blocked a Republican effort for unanimous support for $250 billion in small-business aid.
The Fed announced as slew of programs, including loans geared towards small and medium sized businesses, that will total up to $2.3 trillion. The central bank also gave more details on its plans to buy investment-grade and junk bonds.
Wall Street’s weekly surge comes amid increasing hope that the situation around the coronavirus was improving. In recent days, the number of new daily confirmed cases has dropped globally and in the U.S. New York state has also reported a decline in its virus-related hospitalization rate.
Thursday’s announcement was enough to outweigh another massive jump in weekly jobless claims.
More than six million Americans filed for unemployment benefits last week. Economists expected an increase of five million. The latest data built on the record-shattering prior two readings of 6.6 million and 3.3 million.
Prices for the 10-Year U.S. Treasury were unchanged, keeping yields at Wednesday’s 0.73%. Treasury prices and yields move in opposite directions.
Oil prices gained 71 cents to $25.80 U.S. a barrel.
Gold prices picked up $50.90 to $1,732.50 U.S. an ounce.
Related Stories
