Canada's main stock index continued its record-setting run on Friday, set to extend its string of weekly gains two days after interest rate cuts by the U.S. and Canadian central banks.
The TSX Composite Index barreled ahead 131.87 points to approach noon at 29,453.43. On the week so far, the index has improved 306 points, or 1.7%.
The Canadian dollar gained 0.11 cents to 72.61 cents U.S.
The TSX has been on a record-setting run this year and has gained over 19% year-to-date, outpacing the U.S. S&P 500 index's almost 13% rise.
Barrick Gold Mining rose $3.71, or 8.9%, to $45.23, while Kinross Gold sprinted $1.26, or 4.1%, to $31.95, and Endeavour Mining added $2.13, or 4.2%, to $52.77.
Among other stocks, mining company Orla Mining dropped $1.03, or 6.8%, to $14.23 after gold miner Newmont said it sold its entire stake for $439 million.
On the economic beat, Statistics Canada reported retail sales decreased 0.8% to $69.6 billion in July. Sales were down in eight of nine subsectors and were led by decreases at food and beverage retailers.
ON BAYSTREET
The TSX Venture Exchange recovered 15.44 points, or 1.8%, to 894.95, for a gain on the week of 15 points, or 1.7%.
All but three of the 12 subgroups were in plus territory, led by gold, brightening 3.6%, and materials, ahead 2.6%, while financials gained 0.4%.
The three laggards were energy, fading 2.4%, telecoms, while health-care docked 0.3%, and telecoms dipped 0.2%.
ON WALLSTREET
Stocks rose marginally on Friday following a winning session that sent indexes to new records as the Federal Reserve’s decision to cut interest rates set in investors’ minds.
The Dow Jones Industrials gained 115.64 points to pause for lunch Friday at 46,258.06.
The S&P 500 index acquired 18.04 points to 6,650.
Apple led the way higher, rising about 2%, as the company’s latest iPhone went on sale around the world. Tesla shares were also up more than 1.5%.
The tech-heavy NASDAQ popped 102.35. points to 22,571.47.
Stocks also got a boost this week after the Fed lowered its benchmark overnight lending rate by a quarter percentage point, its first rate reduction since December.
The move was widely expected by markets, but stocks had a volatile session on the back of the decision after Fed Chair Jerome Powell in his press conference characterized the decision as a “risk management cut.”
Prices for 10-year Treasury faded a bit Friday. pushing yields up to 4.14% from Thursday’s 4.12%. Treasury prices and yields move in opposite directions.
Oil prices dipped 68 cents to $62.89 U.S. a barrel.
Gold prices surged $26.80 to $3,705.10 U.S. an ounce.
Stocks Rise Heading Into Weekend
