Canada's main stock index rose on Thursday, as investor sentiment turned positive after U.S. President Donald Trump withdrew tariff threats against European allies and ruled out using force to acquire Greenland.
The TSX index soared 218.01 points to reach noon EST Thursday at 33,069.54.
The Canadian dollar took on 0.25 at 72.48 cents U.S.
Earlier, in a speech at the World Economic Forum in Davos, Switzerland, the president also ruled out using military force to take over the Danish territory.
In corporate news, railway firm Canadian Pacific Kansas City said on Wednesday that it will buy 30 additional Tier 4 locomotives from Progress Rail this year as part of an $800-million commitment to invest in U.S. businesses. CP shares captured 64 cents to $100.19.
Tech shares led losses with data-center infrastructure provider Celestica sinking $20.81, or 4.7% to $408.71.
On the economic scene, the New Housing Price Index decreased 0.2% in December, in comparison with an unchanged reading the month before.
ON BAYSTREET
The TSX Venture Exchange roared ahead 30.29 points, or 2.8%, to 1,124.91.
All but two of the 12 TSX subgroups were gainers led by gold, up 3.7, materials, ahead 2.7%, and health-care, haler 1.4%.
The two laggards were information technology, down 1.4%., while energy faded 1.2%.
ON WALLSTREET
Stocks rose on Thursday, extending their gains from the previous session after easing geopolitical fears sparked a broad-based market rally.
The Dow Jones Industrials barreled ahead 503.04 points, or 1%, to 49,580.27.
The S&P 500 picked up 55.08 points to 6,930.30.
The NASDAQ raced ahead 254.24 points to 23,479.06, supported by gains in Nvidia, Microsoft and Meta Platforms.
While the 30-stock Dow is now pacing for a positive weekly performance, rising 0.4%, the other two leading U.S. indexes are still in the red.
The S&P 500 and NASDAQ have each fallen 0.2% week to date.
Trump, who has been relentlessly pushing for U.S. control of Greenland in recent weeks, said Wednesday on Truth Social that he and NATO Secretary General Mark Rutte have “formed the framework of a future deal with respect to Greenland.” The president later told reporters that “we have a concept of a deal” with the Arctic island.
Stocks were already rising after the U.S. president earlier said in a speech at the World Economic Forum in Davos, Switzerland, that he would not move to acquire Greenland by force.
While equities rose in the wake of the deal “framework” announcement, the situation appears far from over. On Thursday, Danish Prime Minister Mette Frederiksen viewed Trump’s discussion on Arctic security with Rutte as “good and natural” and said that the country is ready to hold talks with the U.S. on its “Golden Dome” missile defense plan. However, she stressed that sovereignty is non-negotiable.
Prices for the 10-year Treasury gained ground by noon, lowering yields to Wednesday’s 4.25%. Treasury prices and yields move in opposite directions.
Oil prices skidded $1.29 to $59.33 U.S. a barrel.
Gold prices leaped $60.50 to $4,898.
Related Stories
