(REPLACES EARLIER COPY WITH ERROR CONCERNING TSX AND VENTURE)
Stocks ended the week on a downward footing, as the debate over interest rates continued.
The TSX Composite slumped 34.12 points to conclude Friday at 21,085.09. On the week, the index lost 40 points, or 0.2%.
The Canadian dollar slid 0.42 cents at 74.30 cents U.S.
Gold weighed most on the market, with Eldorado Gold surrendering 64 cents, or 3.7%, to $16.64, while Iamgold lost 12 cents, or 3.5%, to $3.33.
Among material stocks, Interfor dipped 94 cents, or 4.5%, to $20.16, while Ero Copper fell 81 cents, or 3.7%, to $21.13.
In communications, Cogeco Communications let go of $1.12, or 1.5%, to $61.25, while BCE slipped $1.57, or 2.9%, to $53.14.
Techs tried to raise things up, as Shopify popped $8.19, or 8%, to $110.89, while Sylogist took on 54 cents, on 6.6%, to $8.69.
In consumer discretionary issues, Aritzia gained $2.28, or 6.5%, to $37.38, while Canadian Tire garnered $2.37, or 1.6%, to $146.79.
In industrial stocks, Brookfield Business Partners advanced $1.16, or 3.9%, to $30.94, while GFL Environmental grabbed a dollar, or 2.1%, to $47.89.
ON BAYSTREET
The TSX Venture Exchange fell 4.18 points at 556.95, but gained on the week, picking up 4.8 points, or 0.88%.
All but three of the 12 subgroups remained in the red by the closing, with gold fading 2.9%, materials off 1.9%, and communications down 1.1%.
The three gainers proved to be information technology, up 2.2%, while consumer discretionary stocks and industrials, each edged up 0.3%.
ON WALLSTREET
The S&P 500 notched a fresh record high on Friday as quarterly results from technology companies including Facebook-parent Meta buoyed the sector and the January jobs report came in much better than expected.
The Dow Jones Industrials gained 134.77 points to 38,654.42.
The S&P 500 index moved higher 52.42 points, or 1.1%, to 4,958.61.
The NASDAQ index popped 267.31 points, or 1.7%, to 15,628.95.
For the week, the S&P 500 added 1.6%, the NASDAQ gained 1.8% and the Dow rose 1.6%. It was fourth week in a row of gains for the major benchmarks after a stumble to start 2024.
Shares of Meta popped more than 21% after the social-media giant’s quarterly results topped analysts’ expectations. The Facebook-parent also announced it will pay a quarterly dividend for the first time, and it authorized a $50 billion share buyback program. Amazon shares jumped 7% on fourth-quarter beats.
Along with surging rates, the market also shook off tepid Apple results. The shares sat out the Friday rally and closed essentially flat after the iPhone juggernaut posted a 13% sales decline in China.
The rise in tech stocks helped shift investor focus from a scorching jobs report earlier on Friday. The government reported the U.S. economy added 353,000 jobs in January, well above the Dow Jones estimate of 185,000.
The moves follow a rebound session on Wall Street. The major averages gained around 1% each, a day after selling off on the back of the Federal Reserve signaling that a March rate cut was unlikely.
The report also included inflationary data in the form of greater-than-expected wage growth. Wages expanded by 4.5% year over year, more than a 4.1% forecast. This comes after Fed Chair Jerome Powell signaled this week that a March rate cut was unlikely.
Prices for the 10-year Treasury faded, hiking yields to 4.02% from Thursday’s 3.88%. Treasury prices and yields move in opposite directions.
Oil prices lost $1.68 to $72.14 U.S. a barrel.
Gold prices handed back $17.20 to $2,053.90.