Stock markets in Toronto rose on Thursday helped by gains in energy and financial stocks, while business jet manufacturer Bombardier climbed after raising its sales and cashflow targets for 2025.
The TSX advanced 91.48 points to begin Thursday at 19,624.26.
The Canadian dollar tacked on 0.34 cents to 73.24 cents U.S.
Among company news, business jet maker Bombardier raised its 2025 revenue and free cash flow targets at its investor day, capitalizing on strong demand for private flights. Bombardier shares spread their wings $4.15, or 6.7%, to $65.97.
National Bank of Canada upgraded Boyd Group Services to "outperform" from "sector perform". Boyd shares took on 72 cents to $209.52.
ON BAYSTREET
The TSX gained 3.31 points to start the session at 609.33.
All but one of the 12 TSX subgroups were higher, led by energy, up 1.7%, while gold and information technology each climbed 0.9%.
The lone laggard was in industrials, down 0.2%.
ON WALLSTREET
Stocks rebounded Thursday from a 500-point loss in the Dow Jones Industrial Average as investors bet the Federal Reserve was done hiking interest rates.
The 30-stock index screamed 249.50 points higher to 32,279,61.
The S&P 500 was up 42.32 points, or 1.1%, to 3,979.29.
The NASDAQ Composite hurtled 202.02 points, or 1.7%, higher to 11,871.98.
The Fed’s decision and subsequent comments by Chair Jerome Powell at the conclusion of the policymakers’ two-day meeting on Wednesday weighed on stocks.
The central bank raised rates by 25 basis points, as expected. It also hinted that its inflation-fighting tightening campaign could be nearing the end, with the removal of the phrase “ongoing increases” from its statement. While Powell said that “rate cuts are not in our base case” for the remainder of 2023, traders priced in expectations of the central bank lowering rates this year.
Shares of Jack Dorsey’s payment company Block tumbled over 20% Thursday after Hindenburg Research announced the payment company was its latest short position. Hindenburg Research wrote in a Thursday report that Block facilitates fraud.
Jobless claims unexpectedly nudged lower last week, pointing to a labor market that remains extremely tight.
Initial filings for unemployment insurance totaled 191,000 for the week ended March 18, below the estimate for 198,000, the Labor
Department reported Thursday. That was a decline of 1,000 from the previous period.
Prices for the 10-year Treasury slid, moving yields higher to 3.49% from Wednesday’s 3.44%. Treasury prices and yields move in opposite directions.
Oil prices added 32 cents to $71.22 U.S. a barrel.
Gold prices were better by $36.90 to $1,986.50 U.S. an ounce.
