Stocks in Canada’s largest market breathed in the rarefied air of all-time highs to end an extraordinary week Friday, guided by resources and consumer concerns.
The TSX Composite Index barreled ahead 314.83 points, or 1.1%, to close Friday at 29,768.36. On the week, the index rocketed 474 points, or 1.62%.
The Canadian dollar gained 0.04 cents to 72.54 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 $4.03, or 9.7%, to $45.55, while Kinross Gold sprinted $1.59, or 5.2%, to $31.95, and Endeavour Mining added $3.08, or 6.1%, to $53.72.
Among other stocks, mining company Orla Mining dropped 82 cents, or 5.4%, to $14.44 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 muscled up 25.29 points, or 2.9%, to 904.80, for a gain on the week of 25 points, or 2.9%.
All but one of the 12 subgroups were in plus territory, led by gold, brightening 4.9%, materials, ahead 3.8%, while consumer staples 1%.
Only energy stocks were down in the dumps, plummeting 6.7%.
ON WALLSTREET
Stocks rose on Friday, with major U.S. indexes headed towards a weekly gain, as the Federal Reserve’s decision to cut interest rates set in investors’ minds.
The Dow Jones Industrials gained 172.85 points to conclude Friday at 46,315,27.
The S&P 500 index acquired 32.4 points to 6,664.36
The tech-heavy NASDAQ popped 160.75. points to 22,631.48.
The S&P 500 was better by 0.8%, and Dow was up 0.7%, while the NASDAQ marched up 1.7%.
Apple led the way higher, rising 3.2%, as the company’s latest iPhone went on sale around the world. Tesla shares were also up more than 2%.
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 slightly Friday, pushing yields up to 4.13% from Thursday’s 4.12%. Treasury prices and yields move in opposite directions.
Oil prices dipped 88 cents to $62.69 U.S. a barrel.
Gold prices surged $40.40 to $3,718.70 U.S. an ounce.
