Stocks in Toronto cruised into the weekend on a high note, with gains listed in resource stocks.
The S&P/TSX Composite Index gained 98.98 points to finish the session at 16,123.48, for a gain on the week of more than 409 points, or 2.61%.
The Canadian dollar eked higher 0.01 cents at 73.65 cents U.S.
Gold stocks showed the way, with OceanaGold gaining 14 cents, or 4.5%, to $3.27, while Teranga Gold sprinted 70 cents, or 5.4%, to $13.71.
In materials, Silvercorp Metals popped 79 cents, or 9.6%, to $9.00, while Pan American Silver shot higher $2.20, or 5%, to $46.69.
Industrials fared well, too, with Toromont Industrials surging $1.89, or 2.7%, to $72.40, while Waste Connections gathered $3.23, or 2.4%, to end the week at $139.02.
Energy stocks remained volatile, however, as Vermilion Energy backpedaled 28 cents, or 4.5%, to $6.01, while Whitecap Resources dipped a dime, or 4.3%, to $2.23.
Health-care stocks were on the downside as well, with Cronos Group retreating 67 cents, or 1.9%, to $9.17, while Aurora Cannabis slid 22 cents, or 1.2%, to $16.18.
Financials were a tad poorer, with Fairfax Holdings slumping $9.96, or 2.4%, to $414.45, while Laurentian Bank was down 40 cents, or 1.4%, to $27.70.
On the economic beat, Statistics Canada reported wholesale sales hiked 5.7% to $52.6 billion in May, following historic declines in April that saw wholesale sales plummet an unprecedented 21.4% due to the COVID-19 pandemic.
Bank of Canada Governor Tiff Macklem's reassurance that interest rates will remain low for at least two years could unleash a wave of speculative demand in the country's hottest housing markets, realtors and mortgage brokers warned.
Prime Minister Justin Trudeau says Ottawa will give the 13 provinces and territories more than $19 billion to help pay for the costs of restarting the economy after several months of COVID-19 pandemic lockdowns.
ON BAYSTREET
The TSX Venture Exchange climbed 13.32 points, or 2%, to end Friday and the week at 674.95, but putting it behind last week’s finish by 9.76 points, or 1.43%.
Eight of the 12 TSX subgroups were stronger, with gold higher 2.7%, materials stronger 2.2%, and industrials, ahead 1.4%.
The four laggards were weighed most by energy, down 1.5%, health-care, slumping 0.5%, and financials, trailing 0.3%.
ON WALLSTREET
Stocks closed Friday mostly along the flatline as traders concluded a volatile week while a steep decline in Netflix kept other big tech shares in check.
The Dow Jones Industrials remained negative 62.76 points to 26,671.95.
The S&P 500 recovered 9.16 points to 3,224.73.
The NASDAQ recovered 23.96 points to 10,498.73.
The S&P 500 progressed 1.3%, and the Dow was up 2.3% this week, posting their third straight weekly gains. However, the tech-heavy NASDAQ fell 1.1% for its first weekly loss in three.
Netflix reported second-quarter earnings that missed analyst expectations, pushing the stock down 6.5%. The company’s weak guidance for third-quarter subscriber growth — a key metric for the streaming giant — also contributed to the steep sell-off in the stock.
Shares of other major tech companies also struggled. Facebook traded 0.7% lower on Friday while Amazon pulled back by 0.1%. Microsoft and Alphabet dipped 0.6% and 0.2%, respectively.
Those results come as Netflix, along with other major tech stocks, have struggled this week. Facebook, Amazon, Alphabet and Microsoft are all down week to date.
More than 3.5 million coronavirus cases have been confirmed in the U.S., according to Johns Hopkins University. Some states, including California, Florida and Texas, have had to roll back reopening measures to curb a recent spike in cases.
Prices for the 10-Year Treasury gained at the end of the day, lowering yields back to Thursday’s 0.62%. Treasury prices and yields move in opposite directions.
Oil prices sank 17 cents to $40.58 U.S. a barrel.
Gold prices gained $11.90 to $1,812.20 U.S. an ounce.
