Canada's main stock index gathered gains in the triple digits on Friday, on track to add gains for four straight weeks, on Washington's plan to gradually reopen the country's economy, while reports of a potential drug to treat COVID-19 added to the bounce.
The S&P/TSX Composite Index leaped 276.15 points, or 2%, to reach noon Friday at 14,175.47
The Canadian dollar nosed up 0.01 cents to 71.23 cents U.S.
The Stars Group jumped $4.90, or 16.2%, to the top of TSX at $35.19, after the betting firm forecast upbeat first-quarter revenue as it saw increased customer activity across online poker and casino product offerings largely beginning in March.
Gold miners led losses on the TSX with shares in Alacer Gold Corp off 48 cents, or 7.3%, to $6.07, and Alamos Gold, down 58 cents, or 6.1%, to $8.96.
The most heavily traded shares by volume were those of Bombardier, gaining 4.1% to 44.25 cents, and Crescent Point Energy, up eight cents, or 6.7%, to $1.28 by noon EDT.
ON BAYSTREET
The TSX Venture Exchange dropped 1.32 points to 446.08
All but three of the 12 TSX subgroups were positive approaching midday, with consumer discretionary and energy stocks sprinting 4.7% each, while information technology clicking 3.8%.
The three laggards were in gold, down 3.1%, materials, off 1.2%m and consumer staples slid 0.1%.
ON WALLSTREET
Stocks surged after a report said a Gilead Sciences drug showed some effectiveness in treating the coronavirus, giving investors some hope there could be a treatment solution that helps the country reopen faster from the widespread shutdowns that have plunged the economy into a recession.
The Dow Jones Industrials were off their highs of the morning, but still climbing 389.91 points, or 1.7%, to break for lunch at 23,927.59. The Dow was up about 0.5% this week.
The S&P 500 advanced 42.77 points, or 1.5%, to 2,842.32. The gain put the S&P 500 on track for its first back-to-back weekly gains since early February. The S&P 500 has risen 1.7% this week.
The NASDAQ Composite jumped 49.73 points to 8,582.09. The NASDAQ has climbed 5.2%, lifted by double-digit gains in Amazon and Netflix.
Losses in Apple and Amazon capped the broader market’s gains. Amazon has been a beneficiary of people staying at home because of the pandemic and would lose that benefit if an effective treatment allowed the U.S. economy to open up sooner
A jump in Boeing shares and a rollout Thursday evening of the White House plan to reopen the economy also added to the bullish tone on Friday.
Gilead shares jumped more than 7% after STAT news reported that a Chicago hospital treating coronavirus patients with remdesivir in a trial were recovering rapidly from severe symptoms. The publication cited a video it obtained where the trial results were discussed.
Boeing shares jumped about 10% after the airplane maker said it would resume production in the Seattle area as early as April 20.
President Donald Trump said Thursday that "our experts say the curve has flattened and the peak … is behind us."
He also issued guidelines to open up parts of the U.S. Thursday night, which identifies the circumstances necessary for areas of the country to allow employees to start returning to work. The decision to lift restrictions will ultimately be made by state governors.
Prices for the 10-Year Treasury gained, lowering yields to 0.61% from Thursday’s 0.62%. Treasury prices and yields move in opposite directions.
Oil prices dropped $1.72 to $18.15 U.S. a barrel.
Gold prices fell $21.00 to $1,710.70 U.S. an ounce.
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