Equities in North America warmed to the prospect of lower interest rate, and rode that energy to near record heights, especially in Canada.
The TSX Composite Index vaulted 248.61 points, or 1.1%, to end the day and the week at 23,286.08. The index pulled ahead on the week by 231 points, or 1%.
The Canadian dollar hiked 0.51 cents to 74.01 cents U.S.
In corporate news, the Teamsters union said workers at Canadian National Railway will return to work after the government moved to end the lockout that threatened the economy. Shares in CN triumphed $2.53, or 1.6%, to $158.71.
However, work stoppage at Canadian Pacific Kansas City is expected to continue. CP shares grabbed $1.41, or 1.3%, to $110.84.
Health-care stocks led the way upward Friday, led in turn by Tilray, ahead six cents, or 2.4%, to $2.61, while Chartwell Retirement Residences hurtled 24 cents, or 1.6%, higher to $14.83.
Real-estate were nearest in the winners’ circle, with StorageVault Canada hiking 24 cents, or 5.3%, to $$4.75, while units of Northwest Healthcare Property REIT soared 26 cents, or 5.1%, to $5.33.
Financials also did well, with Brookfield Corp. leaped $2.22, or 3.5%, to $66.38, while Sprott Inc. rocketed $2.31, or 4.2%, to $57.54.
On the economic slate, retail sales decreased 0.3% to $65.7 billion in June. Sales were down in four of nine subsectors and were led by decreases at motor vehicle and parts dealers.
ON BAYSTREET
The TSX Venture Exchange flew 6.76 points, or 1.2%, to 578.03, putting the index up 11.6 points, or 2.05% since last Friday.
All 12 TSX subgroups were up Friday, with health-care stocks haler 1.7%, real-estate galloping 1.6%, and financials healthier by 1.3%.
ON WALLSTREET
Stocks rose Friday after Federal Reserve Chair Jerome Powell indicated interest rate cuts were on the horizon.
The Dow Jones Industrial index bounced 462.30 points, or 1.1%, to end Friday’s session and the week at 41.175.08
The S&P 500 index regained 63.97 points, or 1.2%, to 5,634.61.
The NASDAQ leaped 258.44 points, or 1.5%, to 17,877.79.
Technology stocks rallied with particular strength as investors grew hopeful that a lower-rate environment would benefit this group. Notably, Tesla climbed more than 4% and Nvidia jumped more than 3%.
With Friday’s gains, the three major averages achieved a winning week despite some choppiness. The S&P 500 and NASDAQ each added around 1.2%, while the Dow rose 1%.
Stocks took a leg up after Powell signaled decreases to interest rates ahead during his speech in Jackson Hole, Wyoming. But Powell did not provide specific information on when or how big any cuts to the borrowing cost would be.
Prices for the 10-year Treasury jumped, lowering yields to 3.80% from Thursday’s 3.87%. Treasury prices and yields move in opposite directions.
Oil prices picked up $1.89 at $74.90 U.S. a barrel.
Gold prices tacked on $30.00 to $2,546.70.