It was a banner day for stocks across North America Thursday, as resource sector issues put on their jet packs and soared.
The TSX gained 110.17 points to finish Thursday at 20,564.49.
The Canadian dollar jumped 0.59 cents to 74.99 cents U.S.
Gold stocks were mostly responsible for the jump, as Seabridge Gold climbed 57 cents, or 3.2%, to $18.59, while NovaGold leaped 17 cents, or 2%, to $8.54.
In materials issues, Ero Copper hiked $1.49, or 6.2%, to $25.35, while First Quantum Minerals gathered two dollars, or 6.1%, to $34.83.
Techs also flourished, as Bitfarms captured 21 cents, or 14.4%, to $1.67, while HUT 8 Mining jumped 33 cents, or 12.7%, to $2.92.
In consumer staples, Empire Company sagged 40 cents, or 1.1%, to $36.51, while George Weston dipped $1.33, or 2.4%, to $178.00.
The TSX Venture Exchange surged 3.52 points to 639.40.
All but one of the 12 TSX subgroups remained in the green by day’s end, led by gold, ahead 1.8%, materials, improving 1.6%, and information technology, adding 0.7%.
The lone laggard was in consumer staples, which fell 0.5%.
Stocks jumped Thursday, with Big Tech leading, as traders cheered another report pointing to cooling U.S. inflation.
The Dow Jones Industrials hurtled skyward 383.84 points, or 1.1%, to close Thursday at 34,030.34.
The S&P 500 hiked 54.37 points, or 1.3%, to 4,146.32.
The NASDAQ leaped 236.93 points, or 2%, to 12,106.58.
Mega-cap tech stocks advanced, with shares of Amazon up more than 4%. Shares of Google-parent Alphabet and Meta were each up more than 2%. Tesla shares also rose 3%.
The March producer prices index, a measure of prices paid by companies and often a leading indicator of consumer inflation, declined by 0.5% month over month versus expectations for prices to be flat. Excluding food and energy, the core wholesale prices reading shed 0.1% month over month, much better than the 0.2% increase expected by economists polled by Dow Jones.
Wednesday’s release of March’s consumer price index report showed headline inflation pressures eased last month. The CPI advanced just 0.1% month over month in March. Consumer prices grew 5% on an annual basis, the smallest increase in nearly two years.
Traders’ sentiment turned in the afternoon following the release of minutes from the March Federal Open Market Committee meeting. In particular, the Fed expects the recent banking crisis to cause a mild recession later this year.
Prices for the 10-year Treasury fell by the closing bell, raising yields to 3.45% from Wednesday’s 3.40%. Treasury prices and yields move in opposite directions.
Oil prices backpedaled 94 cents to $82.32 U.S. a barrel.
Gold prices hung onto gains of $29.60 to $2,054.50 U.S. an ounce.