Stocks Travel Higher with U.S. Bank Earnings
Canada's main stock index advanced on Friday, led by gains in materials stocks, following strong earnings from U.S. big banks including JPMorgan, while investors treaded carefully amidst heightened U.S.-China trade tensions.
The TSX Composite Index maintained gains of 166.75 points to by noon EDT Friday at 23,181.62.
The Canadian dollar held onto gains of 0.19 cents to 71.86 cents U.S.
Shares of Canadian gold miners, such as Barrick Gold, could get support as the safe-haven metal surpassed the key $3,200 mark for the first time, spurred by a weaker dollar and economic concerns. Barrick remained higher $1.54, or 5.4%, midday to $28.34.
Oil prices were stable, but on track for their second weekly loss in a row. Imperial Oil shares slipped 73 cents to $83.66.
Financial stocks strengthened on positive corporate results from U.S. peers. Sprott led the gains in the index, up $2.42, or 3.9%, to $64.15.
Bucking the trend, information technology fell 1.6%, with shares of e-commerce company Shopify slipping $5.94, or 5%, to $112.32.
ON BAYSTREET
The TSX Venture Exchange stayed afloat 13.41 points, or 2.3%, to 605.79
Eight of the 12 subgroups were higher as morning turned into afternoon, with gold soaring 4.7%, materials up 3.5%, and consumer staples better by 2.1%.
The four laggards were weighed most by health-care, falling 1.2%, information technology, off 1.1%, and real-estate, off 1%.
ON WALLSTREET
Stocks were flat Friday as traders weighed the latest developments on the tariff front as they wrap up a wild week.
The Dow Jones Industrials regained 43.37 points, or 2.5%, to break for lunch Friday at 39,637.03
The S&P 500 regained 13.43 points to 5,281.48
The NASDAQ hiked 66 points to 16,453.31
The major averages took a leg lower after the latest consumer sentiment numbers for April came in worse than expected. The expected inflation level also surged to its highest level since 1981, according to the University of Michigan survey on consumers.
The major averages took a leg lower after the latest consumer sentiment numbers for April came in worse than expected. The expected inflation level also surged to its highest level since 1981, according to the University of Michigan survey on consumers.
This week has been one of the most volatile periods on record for Wall Street. The major averages tumbled Thursday as traders went into risk-off mode, with trade policy uncertainty weighing on sentiment, losing a chunk of the historic gains seen on Wednesday after Trump announced a 90-day reprieve on some of his high “reciprocal” tariffs.
The S&P 500 fell 3.46% on Thursday, while the 30-stock Dow tumbled 1,014.79 points, or 2.5%. The tech-heavy NASDAQ ended the day lower by 4.31%. On Wednesday, the S&P 500 rallied 9.52% for its third-largest gain in a single day since World War II, while the 30-stock Dow skyrocketed more than 2,900 points.
Despite the tumultuous week, the three major averages are on pace for solid gains in the period. The S&P 500 is on pace for a 3.3% advance, its best weekly performance since November. The NASDAQ is on track to gain nearly 5%. The Dow is on pace for a 2.7% jump week-to-date.
Prices for the 10-year Treasury tumbled mid-morning, pushing yields back up to 4.53% from Thursday’s 4.41%. Treasury prices and yields move in opposite directions.
Oil prices took on 45 cents to $60.52 U.S. a barrel.
Prices for gold jumped $80.00 to $3,257.50 U.S.
