Canada's main stock index jumped on Thursday as crude prices rose and Wall Street was supported by data showing better-than-expected U.S. economic growth in the third quarter.
The TSX Composite charged ahead 133.76 points, to kick off Thursday at 19,413.52.
The Canadian dollar gained 0.10 cents to 73.89 cents U.S.
Among individual stocks, Teck Resources said it has agreed to sell its 21.3% stake in the Fort Hills oil sands project to Suncor Energy for about $1 billion in cash.
Teck shares sagged $2.31, or 4.8%, to $46.17, while those for Suncor lost 14 cents at $46.10.
On the economic front, Statistics Canada reported its Survey of Employment, Payrolls and Hours—fell by 22,200, or 0.1%, in August.
ON BAYSTREET
The TSX Venture Exchange recovered 0.58 points to 596.90.
Eight of the 12 TSX subgroups gained ground, as information technology zoomed 3.4%, utilities acquired 1.1%, and communications beamed 1% higher.
The four laggards were weighed most by health-care, down 1.4%, materials lost 0.9%, and gold fell behind 0.7%.
ON WALLSTREET
The Dow Jones Industrial Average surged Thursday after the economy grew at a faster-than-expected pace in the third quarter.
The 30-stock index popped 490.89 points, or 1.9%, to begin Thursday at 32,330.
The S&P 500 recovered 21.05 points to 3,851.65.
The NASDAQ sank 11.67 points to 10,959.32.
For the week, all the major averages remain in positive territory, with the Dow and S&P up more than 2% and NASDAQ roughly 1% higher. The Dow is on pace for its fourth positive week in a row since its five-week streak ended in November 2021.
U.S. GDP increased increased at a 2.6% annualized pace for the period, against the Dow Jones estimate for 2.3% growth. The report, the first quarter of positive growth for 2022, eased investors’ concerns about a recession.
But the tech sector continued its recent woes, which have weighed down the NASDAQ. Shares of the Facebook parent company plummeted 24% on a weak fourth-quarter forecast and disappointing third-quarter earnings. The company also said it would lose even more money next year building out the metaverse. The report led to several analysts downgrading the stock.
Comcast gained 8% in price and McDonald’s shares traded up 2.9%, following earnings reports that beat expectations before the bell.
Cigarette company Altria Group shed 1.7% after missing expectations on earnings per share and revenue. Big technology earnings continue Thursday with results from Amazon and Apple.
Treasury prices gained, lowering yields to 3.95% from Wednesday’s 4.01%. Treasury prices and yields move in opposite directions.
Oil prices heightened $1.38 to $89.29 U.S. a barrel.
Gold prices dipped 40 cents to $1,668.80 U.S. an ounce.
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