Canada's main stock index climbed to a nearly two-year high level on Friday, boosted by energy and technology stocks, while upbeat domestic quarterly earnings provided further uplift.
The TSX Composite popped 224.25 points to move into noon hour at 21,587.86.
The Canadian dollar gained 0.09 at 73.77 cents U.S.
Rate-sensitive information technology and material stocks gained. Industrials were pulled up after construction and engineering firm AtkinsRéalis (formerly SNC-Lavalin) climbed $4.52, or 9.9%, to $50.39 as its fourth-quarter results beat estimates.
On the economic slate, S&P Global Manufacturing PMI registered Friday at 49.7 in February, compared to 48.3 in January.
ON BAYSTREET
The TSX Venture Exchange zoomed 11.38 points, or 2%, to 571.49.
All but one of the 12 subgroups were in the plus column, with gold brighter by 3.3%, materials stronger 2.3%, and energy pumping higher 2.1%.
Consumer discretionary stocks proved the only negative subgroup, pausing 0.6%.
ON WALLSTREET
Stocks advanced Friday after the market wrapped up its fourth straight winning month and the tech-heavy NASDAQ Composite reached its first closing record since November 2021.
The Dow Jones Industrials jumped 73.51 points to pause for lunch Friday at 39,069.90.
The S&P 500 surged 23.38 points to 5,124.65.
The NASDAQ captured 134.96 points to 16,226.88.
Chipmaking giant Nvidia, which has surged 260.2% over the last 12 months, rallied more than 3% Friday. Meta also jumped 2% for the day.
The tech-heavy index was the last of the major U.S. stock benchmarks to reach a record close this year — when it achieved the milestone Thursday. This move has been fueled by enthusiasm over artificial intelligence, which has lifted mega-cap tech stocks – and the broader market – through 2023 and into this year. Slowing inflation, and the Federal Reserve’s ensuing pivot toward rate cuts forecasted for later in 2024, have also contributed the NASDAQ’s recovery from a difficult 2022.
On a weekly basis, the S&P 500, which also popped to a record close on Thursday, is tracking for a roughly 0.6% advance, while the Nasdaq is up 1.3%. This puts the two indexes on pace for their seventh positive week over the last eight. The 30-stock Dow is the laggard, down 0.2%.
Troubled regional bank New York Community Bancorp declined 24% after the lender announced a leadership change and disclosed issues with its internal controls. The bank is already down more than 63% in 2024.
Data released Thursday showed the personal consumption expenditures price index excluding food and energy, the Federal Reserve’s preferred gauge, rose 0.4% in January, in line with expectations.
Prices for the 10-year Treasury inched forward, lowering yields to 4.20% from Thursday’s 4.24%. Treasury prices and yields move in opposite directions.
Oil prices gained $1.73 to $79.99 U.S. a barrel.
Gold prices surged $37.00 to $2,091.70.
