Baystreet.ca - Canada's main stock index rose on Friday, as government bond yields eased around the world, but focus is likely to shift to policy changes from U.S. President-elect Donald Trump when he takes office next week.
The TSX gained 212.2 points to end the session 25,058.40, for a gain of 290.67 points, or 1.17%, on the week.
The Canadian dollar slumped 0.35 cents at 69.12 cents U.S.
In company news, TD Bank (TSX:TD) Group said CEO-designate Raymond (NS:RYMD) Chun would be appointed to the role on Feb. 1, months earlier than initially planned. Its shares were up $3.90, or 4.9%, to $83.50.
Elsewhere, utilities had a banner day, as Altagas captured 76 cents, or 2.2%, to $34.98, while TransAlta (TSX:TA) hiked 95 cents, or 4.8%, to $20.68.
Gold shone brightly, with Iamgold taking on 25 cents, or 3.2%, to $8.09, while Wesdome Gold (TSX:WDO) climbed 35 cents, or 2.7%, to $13.57.
In other resource issues, First Majestic Silver (TSX:AG) hammered out a gain of 40 cents, or 5%, to $8.44, as Orla Mining (TSX:OLA) jumped 26 cents, or 3.2%, to $8.34.
On the economic front, Statistics Canada reported Canadian investors increased their exposure to foreign securities by $17.8 billion in November, the highest investment since March 2024. Meanwhile, foreign investors acquired $16.4 billion of Canadian securities, led by an unprecedented investment in money market instruments.
ON BAYSTREET
The TSX Venture Exchange leaped 6.46 points, or 1.1%, to 614.90. The index was ahead of last week’s close by 6.5 points, or 1.07%.
All 12 TSX subgroups spent all of Friday in positive territory, led by gold and utilities, ahead 1.4%, while materials advanced 1.2%.
ON WALLSTREET
Stocks climbed Friday, as Wall Street looks complete its first weekly gain of the new year.
The Dow Jones Industrials bounced 334.70 points to 43,487.83
The S&P 500 took on 59.32 points, or 1%, to 5,996.66
The NASDAQ Composite hiked 291.81 points, or 1.5%, to 19,630.20.
Big tech stocks were higher on the day, with shares of Tesla (NASDAQ:TSLA) popping 4.7%. Chipmaking giant Nvidia (NASDAQ:NVDA) jumped 3.1%, while Alphabet (NASDAQ:GOOGL) shares added more than 1%.
For the week, the Dow grew 3.8% and S&P 500 was up 3.1%, putting them on pace for their biggest weekly advance since the week of the U.S. presidential election in November. The NASDAQ, up 2.6% week to date, is headed for its best one-week performance since early December.
Those gains come after investors received back-to-back reports showing inflationary pressures softening somewhat. The core consumer price index rose less than expected year on year, and the producer price index also had a smaller-than-anticipated increase for December.
Shares of Goldman Sachs (NYSE:GS) and Citigroup (NYSE:C) are up more than 10% each on the week, while JPMorgan Chase (NYSE:JPM) and Goldman Sachs have popped 6% and 8.5%, respectively.
Markets in the U.S. will be shuttered Monday for Martin Luther King Day.
Prices for the 10-year Treasury nicked up, dropping yields to 4.61% from Thursday’s 4.62%. Treasury prices and yields move in opposite directions.
Oil prices declined 69 cents to $77.99 U.S. a barrel.
Prices for gold retreated $12.00 an ounce to $2,738.990 U.S.