Equity markets in Canada’s largest centre kept the momentum going by noon hour EST Thursday, with materials and energy stocks leading gains as risk-on sentiment flourished a day after the U.S. Federal Reserve indicated it may pivot to rate cuts next year.
The TSX Composite spiked 122.08 points to 20,751.53 midday.
The Canadian dollar spiked 0.51 cents at 74.10 cents U.S.
Among individual stocks, Pembina Pipeline fell $1.09, or 2.4%, to $45.07 after the company said it would buy Enbridge's interests in the Alliance Pipeline, Aux Sable and NRGreen joint ventures for $3.1 billion.
Cenovus Energy gained 46 cents, or 2.1%, to $22.34 after the company said it expects higher production from its U.S. refineries in 2024.
On the economic slate, in October, manufacturing sales decreased 2.8% in October, mainly on lower sales of petroleum and coal product, machinery, and computer and electronic product subsectors.
Also in October, motor vehicle sales in this country registered at 151,100, down from 163,280 in the prior-year month.
ON BAYSTREET
The TSX Venture Exchange surged 4.7 points to 531.67.
All but two of the 12 subgroups were higher at the lunch break Thursday, with health-care haler by 2.6%, gold soaring 2.2%, while materials climbed 1.8%.
The two laggards proved to be consumer staples, falling 3%, and communications, down 0.8%.
ON WALLSTREET
The Dow Jones Industrial Average kept its rally going Thursday a day after closing above 37,000 for the first time ever as the 10-year Treasury tumbled below 4% and a surprise gain in retail sales gave investors further confidence 2024 would bring a soft economic landing.
The blue-chip index took on 107.83 points to 37,198.07.
The S&P 500 acquired 19.82 points to 4,726.91.
The NASDAQ jumped 48.17 points to 14,782.14, on pace for a record close Thursday.
Solar stocks ticked higher as yields fell. SunRun advanced 18% and Enphase gained 13%. Shares of Moderna climbed 11% after trial data showed its experimental cancer vaccine reduced the risk of death or reoccurrence when used alongside Merck’s Keytruda.
Wall Street received fresh economic data on Thursday that helped fuel hopes for a soft landing. Retail sales increased 0.3% in November, the Commerce Department said on Thursday, in the latest sign that consumer spending remains strong as the holiday shopping season continues.
Economists polled by Dow Jones forecast a decrease of 0.1%.
Prices for the 10-year Treasury leaped, lowering yields to 3.90% from Wednesday’s 4.02%. Treasury prices and yields move in opposite directions.
Oil prices jumped $2.59 to $72.06 U.S. a barrel.
Gold prices leaped $57.50 to $2,054.80.
