Canada’s main stock index jumped amid broader gains on Friday as investors cheered U.S. data that showed inflation rose moderately in June, keeping hopes of a U.S. rate cut intact for September.
The TSX Composite Index leaped 149.41 points to pause for lunch Friday at 22,757.44.
The Canadian dollar slipped 0.10 at 72.26 cents U.S.
In company news, Bloomberg News reported Friday that Canada will likely delay the sale of the Trans Mountain oil pipeline until after the federal election in 2025. In the oil patch, Suncor docked a dime to $53.10, while shares in Imperial Oil slid 11 cents to $97.42.
ON BAYSTREET
The TSX Venture Exchange regained 3.55 points to 577.19.
Seven of the 12 TSX subgroups were higher, with health-care stocks better by 1.2%, real-estate stronger 1.1%, and information technology improving 0.8%.
The five laggards were weighed most by gold, down 2.4%, industrials backpedaling 1%, and materials, off 0.9%.
ON WALLSTREET
Stocks jumped Friday as Wall Street looked to cap off a turbulent week on a positive note and investors weighed fresh U.S. inflation data.
The Dow Jones Industrials popped 786.67 points, or nearly 2%, to 40,721.74, led to the upside by 3M. The industrials giant popped nearly 20% and headed for its best day since at least 1972.
The S&P 500 index took on 76.29 points to 5,475.51.
The NASDAQ grabbed 219.23 points, or 1.3%, to 17,400.95.
Some technology names that have struggled amid this week’s sell-off gained, with Nvidia, Microsoft and Amazon last up 1% each. Meta Platforms added 2%.
Wall Street also assessed June’s personal consumption expenditures price index, an inflation reading that is preferred by central bank policymakers. On a monthly basis, headline PCE rose 0.1% and by 2.5% from a year ago. That was in line with estimates from economists polled by Dow Jones.
That data comes at the end of a volatile week on Wall Street. The S&P 500 is down 1% this week, while the Nasdaq has lost 2.3%. The Dow is the outlier, up 0.7%. Those declines come as investors seemed to be part of a broader rotation into small caps and more cyclical areas of the market.
Prices for the 10-year Treasury grew, lowering yields to 4.21% from Thursday’s 4.25%. Treasury prices and yields move in opposite directions.
Oil prices faded $1.34 at $76.94 U.S. a barrel.
Gold prices regained $30.20 to $2,383.70