Equities in Canada’s largest centre made their higher to begin the week’s last session, as investors bet on more government spending to shore up a battered global economy
The S&P/TSX Composite Index gained 64.55 points to 16,098.05.
The Canadian dollar were unchanged at 73.65 cents U.S.
Credit Suisse raised the target price on Hydro One to $28 from $26. Hydro One shares acquired a dime to $27.36.
Eight Capital cut the price target on Valens Company to $4.50 from $6.00. Valens docked seven cents, or 3.2%, to $2.13.
TD Securities raised the price target on Cogeco Communications to $110.00 from $105.00. Cogeco shares soared $5.77, or 5.8%, to $105.14.
On the economic beat, Statistics Canada reported wholesale sales hiked 5.7% to $52.6 billion in May, following historic declines in April that saw wholesale sales plummet an unprecedented 21.4% due to the COVID-19 pandemic.
Bank of Canada Governor Tiff Macklem's reassurance that interest rates will remain low for at least two years could unleash a wave of speculative demand in the country's hottest housing markets, realtors and mortgage brokers warned.
Prime Minister Justin Trudeau says Ottawa will give the 13 provinces and territories more than $19 billion to help pay for the costs of restarting the economy after several months of COVID-19 pandemic lockdowns.
ON BAYSTREET
The TSX Venture Exchange recovered 6.63 points to open Friday at 668.21.
All but two of the 12 TSX subgroups were climbing in the first hour, energy rumbling 1.4%, while gold shone 1.1% brighter, and materials were stronger by 1%.
The two laggards were information technology, sidling 0.2%, and real-estate, off 0.1%.
ON WALLSTREET
Stocks rose on Friday, rebounding from losses in the previous session, as investors looked past a sharp decline in streaming giant Netflix.
The Dow Jones Industrials docked 16.21 points to 26,718.50.
The S&P 500 deducted 1.29 points to 3,216.86.
The NASDAQ slid 9.74 points to 10,464.09.
The Dow is up 2.6% this week, while the S&P has advanced 1%, on pace for their third straight weekly gain. However, the tech-heavy NASDAQ has fallen more than 1%, on track to post its first weekly loss in three.
Netflix reported second-quarter earnings that missed analyst expectations, pushing the stock down more than 5%. The company’s weak guidance for third-quarter subscriber growth — a key metric for the streaming giant — also contributed to the steep sell-off in the stock.
Those results come as Netflix, along with other major tech stocks, have struggled this week. Facebook, Amazon, Alphabet and Microsoft are all down week to date.
More than 3.5 million coronavirus cases have been confirmed in the U.S., according to Johns Hopkins University. Some states, including California, Florida and Texas, have had to roll back reopening measures to curb a recent spike in cases.
Prices for the 10-Year Treasury were unchanged, keeping yields at Thursday’s 0.62%.
Oil prices sank 11 cents to $40.64 U.S. a barrel.
Gold prices regained $8.80 to $1,809.10 U.S. an ounce.
