Canada’s main stock index hit a record high on Friday led by gains in mining stocks, while a surprise decline in domestic unemployment rate assuaged concerns about a weak labor market.
The TSX Composite Index surpassed Thursday’s all-time high by 186.37 points noon EDT Friday to 24,488.63. The index was set for its fifth consecutive weekly rise.
The Canadian dollar shed 0.12 cents to 72.62 cents U.S.
Aritzia late Thursday reported second-quarter revenue that beat analysts’ expectations. Aritzia shares dipped $2.98, or 6%, to $47.04.
Top individual gainers were NovaGold Resources, up 12 cents, or 2.5%, to $4.88, Fortuna Mining – gaining 17 cent, or 2.5%, to $6.66, and Celestica, better by $3.24, or 3.9%, to $87.44.
On the economic slate, Statistics Canada said the economy created 47,000 jobs in September while the unemployment rate fell 0.1 percentage points to 6.5%Meantime, August building permits decreased by $858.1 million, or 7.0%, to $11.5 billion.
ON BAYSTREET
The TSX Venture Exchange advanced 6.68 points, or 1.1%, to 602.49.
All but one of the 12 TSX subgroups were in the plus column mid-morning Friday, with information technology surging 1.2%, while gold and real-estate each climbed 1%.
Only health-care lost strength, down 0.4%.
ON WALLSTREET
The S&P 500 powered to a new record Friday, heading for a fifth winning week as banking behemoths ushered in a promising start to the third-quarter earnings season.
The Dow Jones Industrials jumped 297.50 points to 42,751.62.
The much-broader index recovered 30.37 points to 5,810.42.
The NASDAQ Composite regained 54.2 points to 18,336.25.
The major averages are headed for weekly gains, with the S&P 500 up 1.1% and on pace for a fifth straight positive week. The Dow is toting a 1% gain, while the NASDAQ is up 1.1%.
A strong start to the third-quarter earnings season provided a lift to stocks. JPMorgan Chase rose 4% after topping profit and revenue expectations, while Wells Fargo popped nearly 6% on stronger-than-expected profits. Investors overlooked disappointing revenue and an 11% decline in net interest income.
The producer price index, a measure of wholesale inflation, remained unchanged in September and came in below the 0.1% increase expected by Dow Jones. That helped temper some fears sparked by September’s consumer price index, which increased slightly more than expected.
Prices for the 10-year Treasury gained, lowering yields to 4.08% from Thursday’s 4.07%. Treasury prices and yields move in opposite directions.
Oil prices ditched 51 cents to $75.34 U.S. a barrel.
Gold prices surged $36.30 to $2,675.60 U.S. an ounce