Canada's main stock index rose on Friday, helped by gains in financials and materials stocks, while Valeant Pharmaceuticals International Inc recovered somewhat after four days of sharp losses.
The S&P/TSX composite index gained 77.12 points to close the day and the week at 13,955.23. It gained 1.4% on the week
The Canadian dollar plunged 0.49 cents at 75.89 cents U.S.
The index was on track for a 1.5% gain on the week.
Health-care issues traveled farthest, with the beleaguered Valeant moving back to better health, up 6% to $152.69, after a very rough week.
Gold stocks also enjoyed favour, as Eldorado Gold sprinted 4.5% to $5.38, and Barrick Gold gained 2.4% to $10.21.
Energy stocks stumbled, however, with oil prices, as Suncor Energy subsided 1.6% to $37.50, while Baytex Energy eased 1.2% to $5.78.
On the economic front, Statistics Canada reported that the consumer price index rose 1.0% in the 12 months to September, after increasing 1.3% in August. On a seasonally-adjusted monthly basis, the Consumer Price Index decreased 0.2% in September, after posting no change in August.
ON BAYSTREET
The TSX Venture Exchange advanced 2.97 points to 550.27
Nine of the 13 TSX subgroups were higher, as health-care issues took on 3.2%, gold gained 2.9%, and materials moved 2.4% higher
The four laggards were weighed most by energy stocks, falling 1%, utilities, off 0.8%, and consumer staples, sliding 0.2%.
ON WALLSTREET
U.S. equities closed sharply higher Friday after the Chinese central bank cut interest rates and after three tech giants posted better-than-expected earnings.
The Dow Jones industrial average climbed 157.54 points to 17,646.70,
The S&P 500 picked up 13.23 points to 2,065.76,
The NASDAQ index hiked 82.29 points, or 1.7%, to 5,002.34, posting its best close since Aug. 19.
Investors also digested a new batch of earnings, including reports from tech giants Alphabet, Amazon and Microsoft, all of which beat analysts' expectations.
Alphabet beat estimates by 14 cents, while Amazon posted earnings per share of 17 cents U.S.. Wall Street expected the Jeff Bezos-run company to report a loss of 13 cents U.S..
Both stocks closed at all-time highs and hit all-time intraday highs, while Facebook followed suit.
Microsoft accounted for 32 points of the Dow's gains. The stock closed up nearly 11% at $53.29 U.S., its best close since February 2000.
Other companies that have reported include Procter & Gamble and VF Corp.
Procter posted better-than-expected earnings per share, but fell short on revenue. VF Corp. missed analysts' expectations on both earnings and revenue.
In corporate news, TreeHouse Foods is in advanced talks to buy Ralcorp, a unit of ConAgra Foods, for up to $2.7 billion U.S, according to Reuters.
Kellogg is in talks to buy Diamond Foods for $35 to $40 U.S. a share, The New York Post reported.
The People's Bank of China cut interest rates for the sixth time since last November to 4.35%, effective tomorrow.
On the domestic data front, investors took in the latest manufacturing Purchasing Managers’ Index data, which came in at 52, below the expected 52.8.
Prices for 10-year U.S. Treasuries staggered, raising yields to 2.09% from Thursday’s 2.02%. Treasury prices and yields move in opposite directions.
Oil prices slumped 72 cents a barrel to $44.66 U.S.
Gold prices slumped $1.44 to $1,164.61 U.S. an ounce.
