Equities in Canada’s largest centre fought their way out of the doldrums Thursday afternoon, and acquired substantial gains to end the session.
The TSX Composite popped 407.35 points, or 2.2%, to close Thursday at 18,613.63.
The Canadian dollar advanced 0.33 cents to 72.76 cents U.S.
Among energy concerns, Advantage Oil gushed 59 cents, or 5.8%, to $10.74, while Peyto Exploration grabbed 56 cents, or 5.6%, to $12.38.
In the financials, TD added $3.47, or 4.3%, to $84.45, while Element Fleet Management hiked 89 cents, or 5.3%, to $17.61.
Communications reached giddy heights, with BCE taking on $2.47, or 4.4%, to $58.82, while TELUS Corp. leaped 79 cents, or 3%, to $27.42.
Gold did not warm to all the upward momentum, however, as Kinross Gold sagged 16 cents, or 3.2%, to $4.88, while Barrick Gold settled 64 cents, or 3.1%, to $20.20.
ON BAYSTREET
The TSX Venture Exchange eked higher 1.38 points to 586.39.
All but one of the 12 TSX subgroups made headway, as energy rumbled 3.1%, financials were higher 2.9%, and communications prospered 2.5%.
Only gold missed out on all the action, losing 1.7%.
ON WALLSTREET
Stocks staged a massive comeback Thursday, with the Dow Jones Industrial Average surging 1,500 points from peak to trough before finishing just below highs of the days, as traders shook off another hot inflation report.
The 30-stock index jumped 827.87 points, or 2.8%, to 30,038.72
The S&P 500 broke its six-day losing streak, climbing 92.88 points, or 2.6%, to 3,669.91
The NASDAQ Composite leaped 232.05 points, or 2.2%, to 10,649.15.
The choppy session saw stocks fall to their lowest levels since 2020 following hotter-than-expected inflation data and then post a stunning rebound.
The Dow regained more than 1,400 points as traders digested the September consumer price index report. The S&P 500 posted its widest trading range since March 2020.
Gains in energy and bank stocks led the reversal. Shares of Chevron gained 4.9% as oil prices spiked, and bank stocks Goldman Sachs vaulted 4% and JPMorgan rose 5.6%.
A reversal in big tech names such as Apple and Microsoft and a surge in semiconductors Nvidia and Qualcomm also contributed to the move higher.
Stocks rebounded after hitting their lowest levels since 2020 led by gains in energy and bank stocks.
Stocks fell to session lows when the September consumer inflation report showed a larger-than-expected increase. The consumer price index increased 0.4% for the month, more than the 0.3% estimate from Dow Jones. On an annual basis, inflation was up 8.2%.
In addition, investors may be betting that the stronger-than-expected inflation report means price increases will peak soon.
Going forward, investors will be watching the start of earnings season. On Friday, major banks JPMorgan Chase, Wells Fargo, Morgan Stanley and Citigroup all report results.
Treasury prices fell sharply, raising yields to 3.96% from Wednesday’s 3.90%. Treasury prices and yields move in opposite directions.
Oil prices regained $1.90 to $89.17 U.S. a barrel.
Gold prices minimized losses to sit seven dollars lower at $1,670.50 U.S. an ounce.