It took most of the session, but stocks in Toronto did end Thursday in the green, mostly on the strength of tech and gold issues.
The TSX found a way into the sunlight by the closing bell Thursday, gaining 29.38 points to 16,606.76.
The Canadian dollar revived 0.21 cents to 75.90 cents U.S.
As mentioned, tech concerns raised investors’ spirits the most, with Lightspeed POS triumphing $1.62, or 4.2%, to $40.47, while Constellation Software rocketed $46.81, or 3.1%, to $1,552.80.
Gold also became brighter, with Barrick Gold picking up $1.12, or 2.9%, to $39.38, while Sandstorm Gold advanced 35 cents, or 3%, to $11.90.
In real-estate, Interrent REIT jumped 44 cents, or 3.4%, to $13.31, while CAP REIT gained $1.45, or 3.1%, to $47.67.
Health-care stocks listed lower, however, with Aurora Cannabis diving 42 cents, or 3.2%, to $12.61, while Canopy Growth dumped 53 cents, or 2.4%, to $21.44.
Energy stocks also moved south, with Whitecap Resources losing 13 cents, or 4.6%, to $2.68, while Enerplus Corporation falling 18 cents, or 4.5%, to $3.79.
Financial stocks also declined, as iA Financial Corporation Inc.
Shed $1.08, or 2.2%, to $47.10, while IGM Financial slid 75 cents, or 2.3%, to $31.89.
On the economic front, data showed Thursday Canadian home prices rose in July, led by the Quebec City and Ottawa-Gatineau markets, though it was the smallest July advance in 15 years.
ON BAYSTREET
The TSX Venture Exchange missed breaking even by 0.47 points to 739.48.
Eight of the 12 TSX subgroups were in the red by the closing bell, with energy and health–care each sliding 1%, financials stumbling 0.4%.
The four gainers were led by information technology, up 1.9%, gold, ahead 1.7%, and real-estate, stronger by 1.4%.
ON WALLSTREET
Stocks rose slightly on Thursday as broad gains for the major tech names served as a counterweight to disappointing unemployment data.
The Dow Jones Industrials worked its way into positive country 46.85 points to end Thursday’s session at 27,739.73.
The S&P 500 obtained 10.66 points at 3,385.51
The NASDAQ jumped 118.49 points, or 1.1%, to 11,264.95.
Facebook rose 1.6% and Amazon climbed 0.9%. Netflix advanced 2% and Apple gained 1.3%. Microsoft added 1.5%, and Alphabet was up 1.1%. Intel shares gained 1.5% after the company announced an accelerated buyback plan, calling its stock cheap.
Tech has been the best-performing sector in the market this year, leading the S&P 500 back from its late-March low. Facebook is up nearly 30% year to date and Alphabet has rallied around 16% over that time period. Amazon, meanwhile, has surged over 77% in 2020 while Apple and Netflix are each up more than 50%.
Weekly jobless claims stateside totaled 1.106 million last week, the U.S. Labor Department reported. Economists estimate that 923,000 first-time applicants filed for unemployment benefits during the week ended Aug. 15. In the week prior, the tally had dropped below one million for the first time since mid-March.
The jump in unemployment claims came as lawmakers struggled to move forward on a new coronavirus stimulus bill. Recently, an additional unemployment benefit for those impacted by the pandemic expired.
Thursday’s data release comes a day after the Federal Reserve released its July meeting minutes which said, “the ongoing public health crisis would weigh heavily on economic activity, employment, and inflation in the near term.”
Prices for the 10-Year Treasury rose sharply, weighing yields to 0.65% from Wednesday’s 0.69%. Treasury prices and yields move in opposite directions
Oil prices faded 31 cents at $42.62 U.S. a barrel.
Gold prices slid $8.70 to $1,961.60 U.S. an ounce.
