Canada's main stock index rose on Thursday, led by technology stocks that tracked gains in the NASDAQ as global sentiment was lifted by hopes that Washington could resolve its debt-ceiling standoff.
The TSX Composite spiked 224.68 points, or 1.1%, at noon hour to 20,416.34
The Canadian dollar grew 0.24 cents to 79.69 cents U.S.
Lithium Americas jumped $1.12, or 4.4%, to $26.54, while Hudbay Minerals popped 55 cents, or 7.2%, to $8.16.
Prime Minister Justin Trudeau said Wednesday Canada will place unvaccinated federal employees on unpaid leave and require COVID-19 shots for air, train and ship passengers. Trudeau was unveiling one of the world's strictest vaccine mandate policies.
ON BAYSTREET
The TSX Venture Exchange added 9.11 points to 871.83
All but one of the 12 TSX subgroups were higher, led by consumer discretionary stocks, up 2.8%, while health-care and information technology rocketed 2.2% each.
Only telecoms missed out on the party, falling 0.1%.
ON WALLSTREET
Stocks rallied on Thursday as lawmakers reached a deal to increase the debt ceiling in the short-term, according to Senate Majority Leader Chuck Schumer. Stocks hit their highs of the session as Schumer announced on the Senate floor news of the compromise, which will avoid an unprecedented debt default for now.
The Dow Jones Industrials soared 513.49 points, or 1.5%, to 34,930.46, helped by gains in Visa, Nike and Home Depot.
The S&P 500 jumped 61.15 points, or 1.4%, to 4,424.70
The NASDAQ Composite roared ahead 241.29 points, or 1.7%, to 14,743.20
Thursday’s gains put the major averages in the green for the week.
Washington’s race to reach an agreement on the debt ceiling has been an overhang for the market this week as investors hoped to avoid a government default. Schumer said lawmakers reached a deal on a short-term debt ceiling increase, which he hopes will be passed on Thursday. The deal will extend the debt ceiling through early December.
Stocks rose broadly on Thursday with technology shares and reopening plays trading higher. Twitter rose 4.5%, Nvidia popped 2.5% and AMD rose 2.7%. Facebook gained after JPMorgan said it was time to buy the recent dip on the stock.
Meanwhile, General Motors rose 3%. Costco shares added 2% after reporting better-than-expected September sales.
Also helping sentiment on Thursday, weekly jobless claims fell sharply last week as the enhanced unemployment benefits ended, the U.S. Labor Department reported Thursday. Initial filings for unemployment benefits totaled 326,000 for the week ended Oct. 2, below the 345,000
Dow Jones estimate and a drop from the previous week’s 364,000.
Investors are awaiting Friday’s closely watched jobs report. The data is monitored by the Federal Reserve, as it mulls when to pull back its emergency pandemic stimulus measures, though the central bank has said it will look to wind down its bond-buying program soon.
Prices for 10-year Treasurys flopped, raising yields to 1.56% from Wednesday’s 1.53%. Treasury prices and yields move in opposite directions.
Oil prices picked up $1.02 to $78.45 U.S. a barrel.
Gold prices dropped $2.90 to $1,758.90 U.S. an ounce.
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