Canada's main stock index rose on Thursday, driven by gains in materials and technology stocks after further evidence of cooling U.S. inflation fueled hopes that the Federal Reserve is closing in on the end of its rate-hiking cycle.
The TSX leaped 153.53 points by noon Thursday at 20,224.30.
The Canadian dollar climbed 0.33 cents to 76.18 cents U.S.
Canadian information technology stocks climbed 2.1% as e-commerce firm Shopify gained $4.46, or 5.1%, to hit $91.37, a more-than-one-year high.
Torex Gold Resources slipped $1.10, or 5.6%, to $18.54, after the gold producer reported second quarter production results.
ON BAYSTREET
The TSX Venture Exchange charged ahead 5.89 points Thursday to 632.42.
All but three of 12 TSX subgroups gained ground, with information technology perking 2.1%, while financials and materials each sprang up 0.6%.
The three laggards proved to be real-estate, down 0.5%, while consumer discretionary was 0.1%, and industrials faltered 0.02%.
ON WALLSTREET
Stocks rose Thursday after another key inflation reading came in lighter than expected. This came after the S&P 500 closed at its highest level in over a year.
The Dow Jones Industrials came off its highs of the morning, but stayed afloat 40.75 points to enter noon hour EDT Thursday at 34,388.18.
The S&P 500 took on 26.41 points to 4,498.57.
The NASDAQ index went skyward 161.51 points to 14,080.47.
Cybersecurity stock Palo Alto Networks jumped 4.6%, partially rebounding from Wednesday’s losses. Meanwhile, shares of MGM Resorts and Alphabet rose more than 4%.
June’s producer price index report rose less than anticipated, building upon optimism from Wednesday’s consumer price index data. The PPI, which measures what wholesalers pay for goods, rose 0.1% in June. Economists polled by Dow Jones had expected an increase of 0.2%. Core PPI, which strips out volatile food and energy prices, climbed 0.1% — also lower than expectations.
Prices for the 10-year Treasury sagged slightly, raising yields to 3.79% from Wednesday’s 3.78%. Treasury prices and yields move in opposite directions.
Oil prices gathered 33 cents to $76.08 U.S. a barrel.
Gold prices forged ahead $1.70 to $1,963.40 U.S. an ounce.
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