Baystreet.ca - Canada's main stock index hit a record high on Friday led by gains in tech stocks heading into a long weekend , while a surprise decline in domestic unemployment rate settled concerns about a weak labour market.
The TSX Composite Index surpassed Thursday’s all-time high by 168.91 points to close Friday at 24,471.17. The index was set for its fifth consecutive weekly rise. On the week, the index gained 308 points, or 1.28%.
The Canadian dollar shed 0.12 cents to 72.62 cents U.S.
Aritzia (TSX:ATZ) late Thursday reported second-quarter revenue that beat analysts' expectations. Aritzia shares dipped $2.82, or 5.6%, to $47.20.
Tech stocks led the rise, with Bitfarms picking up a dime, or 4.1%, to $2.53, while Celestica (TSX:CLS) charging ahead $2.56, or 3%, to $86.76.
In consumer discretionary issues, Pet Valu Holdings (TSX:PET) acquired 76 cents, or 2.9%, to $26.85, while Dollarama (TSX:DOL) climbed $3.90, or 2.8%, to $144.03.
Financials also scored big, with Trisura (TSX:TSU) ahead $1.39, or 3.3%, to $43.92, while Intact Financial (TSX:IFC) zoomed $5.48, or 2.1%, to $264.00.
On health-care stocks failed on the day, with Bausch Health (TSX:BHC) Companies slipping lower 21 cents, or 1.9%, to $10.95, while Chartwell Retirement (TSX:CSH_u) Residences dipped three cents to $15.09.
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 9.62 points, or 1.6%, to 605.43, for a weekly gain of 10.1 points, or 1.7%.
All but one of the 12 TSX subgroups were in the plus column by Friday’s closing bell, with information technology surging 1.2%, while consumer discretionary shares climbed 1.1%, and financials acquired 0.8%.
Only health-care lost strength, down 0.04%.
ON WALLSTREET
The S&P 500 and Dow Jones Industrial Average powered to new highs on Friday as banking behemoths ushered in a promising start to the third-quarter earnings season.
The 30-stock index jumped 409.74 points, or 1%, to 42,863.86.
The much-broader index recovered 34.98 points to 5,815.03.
The NASDAQ Composite regained 60.89 points to 18,342.94. The tech-heavy index is less than 2% below its all-time high.
The major averages are headed for weekly gains, with the S&P 500 up 1.2% and on pace for a fifth straight positive week. The Dow is toting a nearly 1.3% gain, along with the NASDAQ.
A strong start to the third-quarter earnings season provided a lift to stocks. JPMorgan Chase (NYSE:JPM) rose 4.4% after topping profit and revenue expectations, while Wells Fargo (NYSE:WFC) popped 5.6% on stronger-than-expected profits. Investors overlooked disappointing revenue and an 11% decline in net interest income.
Elsewhere, Tesla (NASDAQ:TSLA) shares tanked 8.8% on the back of an underwhelming robotaxi event.
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 fell, raising yields to 4.09% from Thursday’s 4.07%. Treasury prices and yields move in opposite directions.
Oil prices ditched 26 cents to $75.59 U.S. a barrel.
Gold prices surged $33.90 to $2,673.20 U.S. an ounce