Baystreet.ca - Canada's main stock index fell on Friday, on course for its biggest weekly drop in more than a year, as investors fretted about the path of global rates next year, a possible U.S. government shutdown and slowing global growth.
The TSX regained 34.31 points to open the last session of the week at 24,448.25.
The Canadian dollar progressed 0.18 cents to 69.61 cents U.S.
Gold stocks led the pack of gainers, with Equinox Gold (TSX:EQX) leaping 19 cents, or 2.6%, to $7.47, while rival Kinross Golod captured 28 cents, or 2.1%, to $13.34.
Economically speaking, Statistics Canada said retail trade increased 0.6% to $67.6 billion in October. Sales were up in five of nine subsectors and were led by increases at motor vehicle and parts dealers.
ON BAYSTREET
The TSX Venture Exchange nudged upward 0.8 points to 583.39.
All but two of the 12 TSX subgroups were higher, with gold advancing 1.8%, materials up 1.6%, and health-care picking up 0.9%.
The two laggards were information technology, sliding 0.2%, and financials giving way just 0.01%.
ON WALLSTREET
The Dow Jones Industrial Average ticked up on Friday as Wall Street closed out a tough week that saw the index plunge 1,100 points in a single day and complete its longest losing streak since the 1970s.
The 30-stock index gained 197.30 points to 42,539.54.
The S&P 500 index recovered 21.01 points to 5,888.09
The NASDAQ jumped 47.03 points to 19,419.80.
The Dow is down 3.4% on the week, headed for its worst weekly performance since March 2023. The S&P 500 and NASDAQ are each off around 3% on the week.
During Thursday’s trading session, the Dow eked out a 15-point gain and ended a 10-day losing streak — its longest since 1974. The small gain came a day after the Dow plunged 1,100 points on Wednesday. The Federal Reserve indicating this week that the central bank would cut interest rates fewer times next year than traders’ want was the catalyst for the market’s plunge on Wednesday.
Weighing on sentiment Friday was the failure Thursday night of a Trump-endorsed House Republican measure to fund the government for three months and avert a government shutdown. Without a deal, a partial shutdown is slated to start Friday night. Prices for the 10-year Treasury rallied, lowering yields to 4.53% from Thursday’s 4.57%. Treasury prices and yields move in opposite directions.
Oil prices lost 30 cents to $68.78 U.S. a barrel.
Prices for gold regrouped $31.30 an ounce to $2,639.40 U.S.