Baystreet.ca - Equities moved higher and Canadian investors celebrated along with their American cousins by bidding up markets Thursday.
The TSX Composite Index plowed ahead 135.4 points to 25,698.51.
The Canadian dollar eked higher 0.54 cents to 70.47 cents U.S. early Thursday.
In corporate news, Sun Life Financial (TSX:SLF) reported a fall in its fourth-quarter profit on Wednesday, as weakness in U.S. business took away gains made in Asian markets.
Sun Life shares lost $6.18, or 7.3%, to $78.45.
ON BAYSTREET
The TSX Venture Exchange grabbed 6.3 points, or 1%, to 647.92
All but three of the 12 subgroups were higher by the close, as telecoms and information technology finished in a dead heat, each better by 1.6%, and real estate was stronger 0.9%.
The three laggards were industrials, off 0.2%, while financials and consumer discretionary stocks each moved forward 0.1%.
ON WALLSTREET
Stocks rose Thursday as new inflation data and updates on U.S. tariff plans appeared to ease some concern around inflationary pressures and global trade tensions.
The Dow Jones Industrials screamed higher 342.87 points to conclude Thursday at 44,711.43
The S&P 500 index regained 63.10 points, or 1%, to 6,080.16
The tech-heavy NASDAQ leaped 157.86 points to 19,807.81.
The Dow hit session highs after President Donald Trump signed a presidential memorandum to examine reciprocal tariffs on foreign nations, but fell short of implementing any levies after teasing major trade policy changes this week. He also suggested that additional tariffs, including on auto imports, are on the way, according to Reuters reported.
A jump in big-name tech stocks fueled Thursday’s gains. Nvidia (NASDAQ:NVDA) gained about 3.3% after Hewlett Packard Enterprise said it shipped its first solution using Nvidia’s Blackwell chip. AppLovin (NASDAQ:APP), the best-performing U.S. tech stock last year, soared by roughly 20% on earnings. Tesla (NASDAQ:TSLA) rose more than 5%, but shares are still hovering near a three-month low.
The producer price index, which measures what producers get for their goods and services, reflected a 0.4% increase for January. That’s higher than the Dow Jones consensus estimate for 0.3%. Core PPI, which excludes food and energy, was up 0.3% for the month and in-line with the forecast.
Stocks rose on the data because despite the hotter number on the surface, the latest PPI report and Wednesday’s consumer price index data point to a softer PCE price index than traders feared. That measure, which will be released in February, is what the Federal Reserve closely tracks.
Prices for the 10-year Treasury won new life, lowering yields to 4.53% from Wednesday’s 4.63%. Treasury prices and yields move in opposite directions.
Oil prices retreated two cents to $71.39 U.S. a barrel.
Prices for gold acquired $28.50 an ounce to $2,957.20 U.S.