Equities in Canada’s largest market hurtled higher on Friday, led ?by miners as ?gold rallied, while investors weighed ?lingering ?strains in global bond ?markets ?and a diplomatic ?deadlock ?in ?the Middle East ?conflict.
The TSX jumped 297.24 points to begin the last session of the week at 36,662.66. On the week so far, the index remained behind last week 67.6, or 0.18%.
The Canadian dollar inched up 0.13 cents to 72.69 cents U.S.
In corporate news, Fairfax Financial, a frontrunner to acquire the government's IDBI Bank stake, is set to be allowed up to two years to consolidate its Indian bank holdings to smooth the acquisition.
Fairfax opened Friday trading up $7.60 to $2.244.93.
On the economic calendar, Statistics Canada says June retail trade increased 0.6% to $74.3 billion in June. Sales were up in seven of nine subsectors, led by increases at general merchandise retailers.
ON BAYSTREET
The TSX Venture Exchange acquired 13.05 points, or 1.3%, to 986.14. The index popped 16 points, or 1.6%.
Seven of the 12 TSX subgroups in the green, led by gold, up 2.4%, materials, progressing 2.4%, and financial, better by 0.6%.
The five laggards were weighed most by utilities, down 0.7%, information technology, retreating 0.6%, and real-estate, off 0.4%.
ON WALLSTREET
The S&P 500 rose on Friday as investors tried to find their footing following a steep sell-off driven by rising Treasury yields.
The Dow Jones Industrials zoomed 356.12 points to 53,115.33, supported by gains in healthcare stocks such as Merck and Johnson & Johnson.
The financials sector offered a boost to the broader market, with crypto-related stocks seeing sizable gains as bitcoin headed for a weekly gain of more than 20%. Robinhood shares jumped 12%, while Coinbase added 9%. Materials also outperformed, up 2% on the day.
The much-broader index picked up 20.46 points to 7,661.62.
The NASDAQ Composite hiked 18.58 points to 26,085.74.
Prices for the 10-year Treasury slumped, raising yields to 4.74% from Thursday’s 4.70%. Treasury prices and yields move in opposite directions.
Oil prices skidded 42 to $86.41 U.S. a barrel.
Gold prices spiked $88.10 to $4,582.00 U.S. an ounce.
