Canada's main stock index rose on Friday, powered by energy stocks that tracked higher oil prices, as policymakers across the world poured unprecedented aid into the global economy to stop a coronavirus-driven recession.
The TSX Composite Index soared 347.41 points, or 2.9%, to move into noon hour EDT at 12,517.93
The Canadian dollar was lifted 0.95 cents at 69.91 cents U.S.
Among the largest percentage gainers on the TSX was Shawcor Ltd, which jumped 56 cents, or 68.3%, to $1.38. Shares of Hexo Corp. rose 19 cents, or 23.5%, to $1.00.
Centerra Gold fell 92 cents, or 11%, the most on the TSX, to $7.41, followed by shares of NovaGold Resources, down 61 cents, or 5.5%, to $10.39.
On the economic beat, Statistics Canada said retail sales rose for the third consecutive month, up 0.4% to $52.0 billion in January.
The agency acknowledges, while the impacts of the coronavirus on the retail trade sector will be more noticeable in subsequent months, respondent comments for February note that business activities have been impacted.
ON BAYSTREET
The TSX Venture Exchange grew 7.37 points, or 2.1%, to 361.04.
All but three of the 12 TSX subgroups were positive at the midpoint of the session, with health-care springing 7.6%, energy 6% to the good, and consumer discretionary adding 5.4%.
The three laggards were gold, duller in price by 2%, while materials surrendered 1.9%, and communications stocks slid 0.03%.
ON WALLSTREET
Stocks slashed their earlier gains on Friday as investors concluded a week that featured wild swings. Wall Street has been grappling with fears over the coronavirus’ economic blow, fueling historic market volatility.
The Dow Jones Industrials gave up some of the heavier gains of the day, but remained positive 64.16 points to 20,151.35.
The broader S&P 500 dipped into the red 7.27 points to 2,402.12.
The NASDAQ stayed buoyant 53.52 points to 7,204.10.
The Dow is down 13% for the week and was on pace for its biggest one-week fall since October 2008, when it slid 18.2%. The S&P 500 has lost more than 11% week to date after dropping another 11.5% last week. The NASDAQ has fallen 8.5% through Thursday’s close.
The market’s early swings come on a "quadruple witching" options expiration day, which tend to add to market volatility. Friday’s moves also follow the major averages posting solid gains in a reprieve from from the relentless selling seen in the market this week.
One expert has said the outbreak will cost U.S. corporations up to $4 trillion, and "a lot of people are going to be broke."
More than 14,000 cases of COVID-19 have been confirmed in the U.S. along with over 200 deaths, according to data from Johns Hopkins University. Globally, more than 245,000 cases have been confirmed.
Prices for the 10-Year U.S. Treasury gained sharply, lowering yields to 0.93% from Thursday’s 1.19%. Treasury prices and yields move in opposite directions.
Oil prices removed $2.47 to $22.75 U.S. a barrel.
Gold prices restocked $18.10 to $1,497.40 U.S. an ounce.
