Markets in Toronto were still sharply higher Friday afternoon, as health-care issues overcame weakness by energy and mining stocks
Toronto’s S&P/TSX composite index jumped 132.58 points, off its highs of the day, to close Friday and the week at 14,411.07
The Canadian dollar regained 0.18 cents at 78.87 cents U.S.
Health-care stocks led the charge, as Valeant Pharmaceuticals galloped $11.45, or 4%, to $294.88.
Information technology stocks moved higher, too, as Constellation Software acquired $25.10, or 5.1%, to $520.25, and COM DEV International gained 17 cents, or 3.2%, to $5.52.
Among utilities, another star gainer, Northland Power soared 66 cents, or 4.3%, to $16.06, while Just Energy Group triumphed 24 cents, or 3.9%, to $6.44.
Gold stocks took the worst hit, with Yamana Gold down 19 cents, or 5.3%, to $3.42, while Primero Mining lost 20 cents, or 4.2%, to $4.52.
Investors were hopeful that last-minute concessions by debt-laden Greece could result in a deal with its global creditors. In China, stocks, which had been plunging on panic selling, found some stable ground after support measures from Beijing appeared to be working.
On the economic beat, Statistics Canada reported this morning that employment was down 6,400 in June, as gains in full-time work were offset by losses in part-time. The unemployment rate held steady at 6.8% for the fifth consecutive month.
Following gains of 63,000, or 0.4%, in the first quarter of 2015, employment grew by 33,000 (+0.2%) in the second quarter. Full-time work increased by 143,000 in the second quarter, while part-time work declined by 110,000 over the same period.
ON BAYSTREET
The TSX Venture Exchange added 4.27 points to 640.98
All but four of the 14 TSX subgroups finished higher, led by health-care, making its way up 2.1%, information technology, clicking 1.7%., and utilities, better by 1.6%
The four laggards were weighed most by gold, down 1.3%, while energy and materials each lost 0.4%.
ON WALLSTREET
U.S. stocks closed more than 1% higher on Friday, recovering from a sharp selloff earlier in the week, as hopes for resolution in Greece and stabilization in China boosted sentiment.
The Dow Jones industrial average was slightly off its daily highs, but still up 211.79 points, or 1.2%, to 17,760.41, with Apple and UnitedHealth leading all blue chips higher.
The blue-chip index eked out a 0.2% gain for the week but remains about a third of a percentage point lower for the year so far.
The S&P 500 picked up 25.30 points, or 1.2%, to 2,076.61, with financials leading all 10 sectors higher.
The 500 recovered gains for the year but failed to hold higher for the week, ending flat for the five-day session.
The NASDAQ index roared ahead 75.3 points, or 1.4%, to close the week at 4,997.70, as biotechs rallied and Apple traded nearly 3% higher, reversing a 2% plunge Thursday that took the stock close to its 200-day moving average.
Gap closed half a percentage point lower after reporting a 1% drop in June same-store sales, more than the Thomson Reuters estimate for a 0.5% decline.
Barracuda Networks plunged 19% after reporting gross billings—a sign of future demand—that were well below Street forecasts.
However, the cybersecurity and storage firm beat estimates by one cent with adjusted quarterly profit of nine cents per share, with revenue also above estimates.
In economic reports, U.S. wholesale trade inventories for May jumped 0.8%, soundly topping estimates for the fastest pace of growth in six months. April's figure was unchanged, showing a 0.4% gain.
There are no major earnings due on Friday.
In domestic news, Fed Chair Janet Yellen said in prepared remarks the U.S. is still on pace for a rate hike this year and that fundamentals are solid and sees pickup in growth in the coming years.
Greece submitted new reform proposals late Thursday that creditors could have evaluated as early as today. The parliament in Athens is also scheduled to vote on the proposals later in the day.
Chinese stocks extended gains on Friday, jumping for a second day following government intervention amid hopes of a Greece deal.
Prices for 10-year U.S. Treasuries dipped, raising yields to 2.40% from Thursday’s 2.30%. Treasury prices and yields move in opposite directions.
Oil prices erased five cents a barrel to $52.73 U.S.
Gold prices tacked on $2.50 at $1,161.70 U.S. an ounce.
