Canada’s main stock index recovered their strength before the closing bell on Friday, though losses in consumer discretionary stocks spurred fears that Bank of Canada will keep rates higher for longer.
The TSX Composite charged ahead 85.8 points to end Friday at 21,005.44. On the week, the index fell nearly 80 points, or 0.38%.
The Canadian dollar edged down 0.03 cents at 74.29 cents U.S.
Tech stocks led the index higher Friday, with HUT 8 Mining leaping $1.19, or 11.8%, to $11.24, while Bitfarms captured 28 cents, or 8.3%, to $3.67.
Among health-care stocks, Bausch Health Companies vaulted 11 cents, or 1%, to $11.04, while Sienna Senior Living added 12 cents, or 1%, to $12.11.
Financials leaped, primarily, Trisura Group, ahead two dollars, or 5.4%, to $38.79, while goeasy Ltd. bounced $4.89, or 3.2%, to $158.88.
Consumer discretionary stocks weighed things down, especially, Magna International, pounded $5.50, or 7%, to $73.40, while Linamar slid $1.64, or 2.5%, to $65.05.
Gold was also heavy Friday, as NewGold lost a dime, or 5.4%, to $1.58, while Torex Gold ditched 41 cents, or 2.9%, to $13.59.
In materials, Teck Resources fell $1.30, or 2.6%, to $49.75, while Fortuna Silver Mines handed over nine cents, or 2.2%, to $3.92.
On the economic front, Statistics Canada reports the economy created 37,000 jobs in January, following three months of little change. The unemployment rate fell 0.1 percentage points to 5.7%, the first decline since December 2022.
ON BAYSTREET
The TSX Venture Exchange sagged 1.78 points to 547.71, for a loss on the week of eight points, or 1.4%.
The 12 subgroups were evenly split, with information technology ahead 1.3%, health-care better by 0.3%, and communications inching up 0.2%.
The half-dozen laggards were weighed by consumer discretionary stocks, down 1.6%, gold, duller by 1.5%, and materials, off 1%.
ON WALLSTREET
Stocks rose on Friday after December’s revised inflation reading came in lower than first reported, and the S&P 500 broke above the historic 5,000 level as strong earnings and economic news chugged on.
The Dow Jones Industrial Average faded 54.64 points to conclude Friday at 38,671.69.
The S&P 500 index jumped 28.7 points to 5,026.61.
The NASDAQ index popped 196. 95 points, or 1.3%, to 15,990.66.
For the week, the S&P was up 1.3%, while the NASDAQ gained 2.3%. The Dow was flat. All three major averages notched their fifth straight winning week and 14th positive week in 15.
A solid earnings season, easing inflation data and a resilient economy have powered the market rally into 2024, setting stocks up for a fifth consecutive week of gains. It has also propelled the S&P above the 5,000 level after touching the milestone during Thursday’s session. The S&P 500 first crossed 4,000 in April 2021.
A total of 337 S&P companies have reported quarterly earnings, with 77% of them surprising to the upside on earnings, according to FactSet.
A revision lower in December’s consumer price index also helped sentiment after the government adjusted the figure to a 0.2% increase, down from a 0.3% increase first reported. Core inflation figures, excluding food and energy, were the same. Treasury yields briefly traded lower following the release of the revised figures. January’s CPI figures are due next week.
Prices for the 10-year Treasury sagged, raising yields to 4.18% from Thursday’s 4.15%. Treasury prices and yields move in opposite directions.
Oil prices advanced 36 cents to $76.58 U.S. a barrel.
Gold prices floundered $8.80 to $2,039.10.