Stocks in Toronto gained strength by the end of the Thursday session, following up on the good vibes given off by Bank of Canada Tiff Macklem that interest rates are not likely to jump any time soon.
The TSX Composite recovered 94.67 points to close Thursday at 21,823.22.
The Canadian dollar gained 0.25 cents at 73.12 cents U.S.
Industrials led the gaining subgroups, with Thomson Reuters leaping $14.31, or 6.9%, to $211.55, while Russel Metals grabbed $1.55, or 4.1%, to $39.74.
In utilities, Brookfield Renewable Partners climbed $1.08, or 5.2%, to $33.89, while Algonquin Power improved 30 cents, or 3.5%, to $8.90.
In real-estate, Granite REIT units took on $1.46, or 2.1%. to $69.61, while Primaris REIT gained 25 cents, or 1.9%, to $13.49.
Health-care stocks weighed things down, with Bausch Health Companies sagging 98 cents, or 8.2%, to $11.05.
In materials, First Quantum Mining dipped 51 cents, or 3%, to $16.78, while Lundin Gold caved 32 cents, or 1.2%, to $15.03.
In gold, New Gold erased 11 cents, or 4.2%, to $2.50, while Sandstorm Gold gave back 11 cents, or 1.4%, to $7.58.
On the economic calendar, Statistics Canada says Canada's merchandise exports declined 5.3% in March, while imports were down 1.2%. Thus, Canada's merchandise trade balance with the world went from a surplus of $476 million in February to a deficit of $2.3 billion in March, the largest trade deficit since June 2023.
ON BAYSTREET
The TSX Venture Exchange remained lower 3.53 points to 580.42.
Eight of the 12 subgroups were in positive territory by the close, with industrials soaring 1.3%, utilities better by 1.1%, and real-estate climbing 0.8%.
The four laggards were weighed most by health-care, slumping 1.3%, while and materials were off 0.4%, and gold dropped 0.2%.
ON WALLSTREET
Stocks rallied Thursday as investors looked ahead to more corporate earnings and a key labour report set for later in the week.
The Dow Jones Industrials popped 322.37 points to conclude Thursday at 38,225.66.
The S&P 500 galloped 45.81 points to 5,064.20.
The NASDAQ zoomed 235.48 points, or 1.5%, to 15,840.90.
Chipmaker Qualcomm rose 9.8% on better-than-expected earnings and strong revenue guidance. Restaurant delivery service DoorDash dropped 10.3% after reporting a wider loss per share. Used car retailer Carvana soared 33.6% after reporting its best-ever earnings after the bell Wednesday, while Moderna surged 12.7% on a smaller-than-expected loss.
Megacap technology stocks rose as Treasury yields dipped, with Nvidia and Amazon jumping more than 3% each. Apple rose 2.3% ahead of its quarterly print after the bell.
Investor attention now pivots toward Friday’s April non-farm payrolls report, with economists polled by Dow Jones expecting 240,000 job gains and a slowdown from 303,000 additions in March.
Earnings season presses on after the bell Thursday with quarterly reports dominated by Apple and Amgen after the close. Coinbase and DraftKings are also on deck.
Those moves followed a choppy day on Wall Street as investors reacted to the Federal Reserve’s decision to keep interest rates unchanged.
In the closely-watched press conference, Fed Chair Jerome Powell essentially ruled out an interest rate hike as the central bank’s next move, despite few recent signs of easing inflation.
Prices for the 10-year Treasury gained ground, lowering yields to 4.58% from Wednesday’s 4.63%. Treasury prices and yields move in opposite directions.
Oil prices broke even at $79.00 U.S. a barrel.
Gold prices gained $2.60 to $2,313.40.
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