Equities in Toronto staged a massive comeback Friday, following their worst session in nearly 11 weeks after a sobering economic outlook from the U.S. Federal Reserve rattled investor sentiment.
The S&P/TSX Composite Index regained 370.84 points, or 2.5%, to open the week’s last session at 15,421.76.
The Canadian dollar recovered 0.46 cents at 73.81 cents U.S.
European Union antitrust regulators have set a July 16 deadline for a decision on whether to clear French TGV high-speed train maker Alstom's bid for Bombardier’s rail division, according to a filing on the European Commission website.
Bombardier shares added four cents, or 8.3%, to 52 cents.
Scotiabank cuts rating on Cenovus Energy to sector perform from outperform. Cenovus shares picked up 33 cents, or 5.4%, to $6.45.
BMO raised the target price on Dollarama to $52.00 from $45.00. Dollarama shares ascended 94 cents, or 2%, to $47.92.
Deutsche Bank raised the target price on TMX Group to $146.00 from $141.00. TMX shares gained 45 cents to $129.82.
ON BAYSTREET
The TSX Venture Exchange gained 10.55 points, or 1.9%, to 554.75
All 12 TSX subgroups recovered to begin Friday, as energy re-strengthened 4.7%, health-care climbed 3.8%, and utilities picked up 3.1%.
ON WALLSTREET
Stocks rallied on Friday, clawing back some of the sharp losses from Wall Street’s worst day since March.
The Dow Jones Industrials resurged 719.15 points, or 2.9%, to 25,847.32.
The S&P 500 restocked 67.91 points, or 2.3%, to 3,070.01.
The NASDAQ jumped 212.89 points, or 2.2 %, to 9,703.57.
Despite those sharp gains, the major averages were all on pace to post their first weekly losses in four weeks. The Dow and S&P 500 are both down more than 3% week to date while the NASDAQ has lost 0.6%.
Investors on Friday went right back into the plays whose fates hinge on a successful reopening of the economy.
Carnival Corp jumped 11.1%. United Airlines climbed 11.2%. Other winners included brick-and-mortar retailers Kohl’s and Gap. Those stocks were hit big time during Thursday’s sell-off as investors feared the reopening of the economy could be delayed by a second wave of cases.
The Dow, S&P 500 and NASDAQ on Thursday all recorded their biggest one-day losses since mid-March, posting losses of at least 5%.Thursday’s declines put the Dow and S&P 500 on pace for their biggest weekly losses since March 20, when they all dropped at least 12% amid broad economic shutdowns stemming from the pandemic.
Thursday’s losses came after data compiled by Johns Hopkins University showed the number of new coronavirus cases has risen in states like Arizona, South Carolina and Texas as they continue their reopening process. Arizona cases have nearly doubled since Memorial Day.
Overall, more than two million coronavirus cases have been confirmed in the U.S. along with over 100,000 deaths.
Prices for the 10-Year Treasury fell, raising yields to 0.70% from Thursday’s 0.67%. Treasury prices and yields move in opposite directions.
Oil prices regained 58 cents to $36.92 U.S. a barrel.
Gold prices gained $5.90 to $1,745.70 U.S. an ounce.
