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Stocks End Week Strong
The TSX Composite Index gained 85.69 points to end the day at 22,311.30. The index triumphed 83 points, or 0.4% over a short week following a holiday on Monday.
The Canadian dollar eked up 0.04 at 72.84 cents U.S.
Materials led the trip upward Friday, with Wheaton Precious Metals rocketing $2.03, or 2%, to $76.68, while Stella-Jones climbed $2.50, or 2.9%, to $89.50.
In financials, ONEX Corp. zoomed $2.63, or 3%, to $90.24, while Great West Lifeco tacked on $1.18, or 2.9%, to $41.26.
In the industrial sector, MDA gained 63 cents, or 4.6%, to $14.20, while Finning International advanced $1.34, or 3.6%, to $38.68.
Utilities dived, however, as Algonquin Power doffed $1.05, or 12.4%, to $7.44, while Boralex sank 36 cents, or 1%, to $34.45.
In consumer discretionary stocks, Restaurant Brands let go of $2.01, or 2%, to $96.81, while Canada Goose lost 27 cents, or 1.9%, to $14.07.
SNC Lavalin ditched $3.21, or 5.8%, to $52.58, while Russel Metals slid $1.57, or 4%, to $37.45.
On the economic beat, Statistics Canada said Friday the economy ditched 2,800 jobs in July, but the unemployment rate was unchanged at 6.4%.
ON BAYSTREET
The TSX Venture Exchange lost four points Friday to 537.59, for a loss on the week of nearly 18 points, or 3.2%.
The 12 TSX subgroups were evenly split. Materials gained 1%, while financials and industrials each perked 0.6%.
The half-dozen laggards were weighed most by utilities, off 1%, while consumer discretionary and industrials each lost 0.6%.
ON WALLSTREET
Stocks ticked up on Friday as the stock market built on its incredible comeback from Monday’s violent rout. The broad market index ended the week just shy of completely reversing its weekly losses.
The Dow Jones Industrial index recovered 51.05 points to 39,497.54.
The S&P 500 index picked up 24.85 points to 5,344.16.
The NASDAQ moved ahead 85.28 points to 16,745.30.
Week to date, the broad market index was just 0.04% lower. During Friday’s session, it had managed to briefly turn positive for the week before losing some of its gains. Meanwhile, the blue-chip Dow docked 0.6% and tech-heavy NASDAQ was down on the week by 0.18%.
This week marked the most volatile week of 2024 for the market. The Dow on Monday tumbled 1,000 points, while the S&P 500 lost 3% for its worst day since 2022. Disappointing U.S. payrolls data from the prior week and concerns the Federal Reserve was too late with rate cuts were the main culprits for the selling, along with the unwinding of a popular currency trade by hedge funds.
Prices for the 10-year Treasury gained ground lowering yields to 3.94% from Thursday’s 3.99%. Treasury prices and yields move in opposite directions.
Oil prices regrouped 81 cents at $77.00 U.S. a barrel.
Gold prices took on $6.20 to $2,469.50.
