Stocks in Canada’s largest market rallied on Friday, led by energy and mining shares, as prices of oil and gold rose.
The S&P/TSX Composite Index recovered from Thursday’s loss, picking up 58.19 points to start Friday at 15,800.39
The Canadian dollar faded 0.05 cents to 80.13 cents U.S.
The union leading a month-long strike at a General Motors Co auto plant in Ontario is refusing to make concessions after GM threatened to move production to Mexico, a move that could cost thousands of Canadian jobs.
GM shares in Canada started Friday up 45 cents, or 1%, to $45.35.
CIBC raised the price target on Cervus Equipment to $17 from $15. Cervus shares climbed 18 cents, or 1.4%, to $14.53.
CIBC raised the rating on Pretium Resources to outperform. Pretium shares let go of 42 cents, or 2.8%, to $14.75.
Prime Minister Justin Trudeau and his Mexican counterpart pledged on Thursday to work toward a renegotiation of NAFTA even as talks taking place in the United States turned sour due to hard-line U.S. demands.
ON BAYSTREET
The TSX Venture Exchange re-kindled 5.59 points to begin the week’s last session at 796.23.
All but one of the 12 TSX subgroups surged in the first hour, with energy gushing 1%, materials stronger by 0.7%, and gold, shining 0.6% brighter.
Only health-care missed the gate, flailing 0.5%.
ON WALLSTREET
U.S. stocks reached record highs on Friday as investors bet on another strong earnings season.
The Dow Jones Industrials gained 59.6 points to 22,900.61, with American Express contributing the most to the gains.
The S&P 500 gained back 5.6 points to 2,556.57, hitting an intraday high, with information technology leading advancers.
The NASDAQ recouped 20.58 points to 6,612.30, another record.
Corporate earnings for the S&P 500 have grown 6.1%, 15.5% and 10.8% in the fourth quarter of last year and the first and second quarters of 2017, respectively.
Experts say earnings are expected to grow by 4% for the third quarter
Shares of Bank of America briefly rose more than 1% in the pre-market after reporting earnings and revenue that topped expectations. The stock traded 0.4% higher early in the session.
JPMorgan Chase and Citigroup also posted stronger-than-expected quarterly results on Thursday.
Streaming giant Netflix is set to report its quarterly results Monday after the bell and Goldman Sachs is betting on a strong report.
Analysts at Goldman raised their price target on Netflix shares to $235 from $200 a share. Shares of Netflix advanced nearly 2%
Wall Street also digested lighter-than-expected economic data in the form of inflation and retail sales numbers. The consumer price index rose 0.6% last month, below the expected gain of 0.7%. Retail sales, meanwhile, gained 1.6%.
Prices for the benchmark 10-year Treasury note gained ground, lowering yields to 2.3% from Thurssday’s 2.32%. Treasury prices and yields move in opposite directions.
Oil prices strengthened 57 cents a barrel to $51.17 U.S.
Gold prices gained $5.50 to $1,302 U.S. an ounce
