Equities in Canada’s main market rose on Friday and was on track to snap a four-day losing streak after a weaker-than-expected U.S. jobs report bolstered hopes that the Federal Reserve will hold rates steady later this month.
The TSX had gained 164.12 points by noon EDT 35,318.88. The index was still behind on the week 482 points, or 1.3%.
The Canadian dollar faded 0.13 cents to 70.20 cents U.S.
Prime Minister Mark Carney said Canada will fast-track the approval process for a new proposed crude oil export pipeline ?to the West Coast.
The pipeline is a crucial part of Carney's bid to diversify the economy away from the U.S.
ON BAYSTREET
The TSX Venture Exchange slumbered 1.17 points to 877.61, still trailing last Friday’s close by 43 points, or 4.6%.
Eight of the 12 subgroups were higher by noon with information technology ahead 1.4%, materials better by 1.2%, and industrials up 0.9%.
The four laggards were weighed most by health-care, ailing 0.5%, while consumer discretionary and consumer staples stocks each stepped back 0.4%.
ON WALLSTREET
Stocks rose Friday, though were off their highs, following a surprisingly weak jobs report that raised hopes the Federal Reserve will hold rates steady in October.
The Dow Jones Industrials surged 128.17 points to 51,054,73
The S&P 500 index came off its highs of the morning, but remained positive 47.57 points to 7,714.02.
The NASDAQ Composite hiked 292.34 points, or 1.1%, to 27,163.94, after hitting an intraday high early in the session.
Tech stocks rallied as risk-taking resumed on Wall Street, with shares of Nvidia hitting an all-time high for the first time since May. CrowdStrike, Palo Alto Networks and AMD also all rose to all-time highs. Meanwhile, shares of Intel grabbed 2%, and AMD rose 3%.
Investors are coming off a modestly higher session Thursday, to start off the month of October. However, the Dow and the S&P 500 were headed for weekly losses amid a global bond rout, while the NASDAQ was the only major average on pace to end the week with gains.
September’s non-farm payrolls report showed the U.S. economy added 29,000 jobs last month, with unemployment rising to 4.2%. The Dow Jones consensus called for jobs growth of 84,000 and for the unemployment rate to hold steady at 4.1%.
The report comes as traders reassess the next move for the Federal Reserve. Fed funds futures trading suggests an 86% likelihood the central bank will stand pat at this month’s meeting, up from a roughly 76% chance just the prior day,
Prices for the 10-year Treasury hiked, reducing yields to 5.25% from Thursday’s 5.29%. Treasury prices and yields move in opposite directions.
Oil prices slumped $2.35 to $90.52 U.S. a barrel.
Gold prices stumbled $32.40 to $4,169.40 U.S. an ounce.
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