Equities in Toronto opened higher on Friday, putting the index on track for its best weekly performance in more than two months, aided by gains in mining and technology shares and upbeat mood in global equities.
The S&P/TSX progressed 141.25 points to begin Friday trading at 20,673.43
The Canadian dollar gained 0.24 cents to 78.52 cents U.S.
National Bank of Canada beat analysts' average
estimates for second-quarter profit on Friday, boosted by a jump in interest and fee income and lower provisions for credit losses.
National shares jumped $2.61, or 2.8%, to $97.49.
Credit Suisse cut the rating on Atco to neutral from outperform. Atco shares dwindled 82 cents, or 1.7%, to $46.31.
Credit Suisse cut the price target on Canadian Imperial Bank of Commerce to $80.00 from $81.00. CIBC shares gained 81 cents, or 1.2%, to $69.48.
Canaccord Genuity raised the rating on Pivotree to speculative buy from hold. Pivotree shares nicked up four cents, or 1.2%, to $3.40.
ON BAYSTREET
The TSX Venture Exchange picked up 7.33 points, or 1%, to 721.99.
All but two of the 12 TSX subgroups were positive in the first hour of trade, as real-estate and industrials each grabbed 1.1%, while consumer discretionary stocks improved 1%.
The two laggards were health-care, plummeting 5.9%, and utilities, down 0.2%.
ON WALLSTREET
Stocks were higher Friday as the Dow Jones Industrial Average was on pace to snap an eight-week losing streak.
The 30-stock index surged 267.99 points to 32,905.18.
The S&P 500 jumped 64.81 points, or 1.6%, to 4,127.65
The NASDAQ Composite popped 267.13 points, or 2.3%, to 12,007.78.
The Dow, S&P 500 and NASDAQ Composite are on track to close the week higher. The Dow is up 5.2% and on track to snap its longest losing streak since 1923. The S&P 500 is 5.2% higher and the NASDAQ is up 5.2% on the week.
A report showing inflation slowing a bit helped give stocks a boost on Friday. The core personal consumption expenditures price index rose 4.9% in April, down from the 5.2% pace seen the previous month. This particular report is watched closely by the Federal Reserve when setting policy.
Investors on Friday also continued to parse through retail earnings. Ulta Beauty shares were up about 9.8% after the company reported better-than-expected quarterly results, while Gap sunk 8% after slashing its profit guidance.
Tech stocks were among the top gainers in the S&P 500. Software company Autodesk rose 7.4% after reporting strong earnings for its most recent quarter. Dell Technologies jumped 13.6% on earnings and chipmaker Marvell advanced 3%. HP Inc. and Hewlett Packard Enterprise were also higher Friday, each up more than 5%.
Treasury prices jumped, lowering yields to 2.72% from Thursday’s 2.75%. Treasury prices and yields move in opposite directions.
Oil prices inched higher three cents to $114.12 U.S. a barrel.
Gold prices gained $5.40 to $1,853 U.S. an ounce.
