Baystreet.ca - Canada's main stock index inched higher in the final trading session of the year, a day considered historically favorable for equities, on a boost by energy stocks.
The TSX recovered 74.28 points to reach the last afternoon of the year at 24,694.87
The Canadian dollar shed 0.17 cents to 69.51 cents U.S.
Communications led the parade of gainers, led by BCE (TSX:BCE), ahead 83 cents, or 2.6%, to $33.21, while Rogers gained 52 cents, or 1.2%, to $44.27.
ON BAYSTREET The TSX Venture Exchange regained 3.78 points to 597.18.
All but three of the 12 TSX subgroups gained ground, with communications soaring 1.5%, energy rumbling 1%, and real-estate 0.8% stronger.
The three laggards proved to be information technology, down 0.3%, while health-care and consumer staples each wallowed 0.1%.
ON WALLSTREET
Stocks moved modestly lower on Tuesday as investors wrapped up another booming year that hoisted the S&P 500 to its second consecutive annual gain exceeding 20%, spurred by enthusiasm for rate cuts, economic strength and artificial intelligence.
The Dow Jones Industrials paused for lunch on the last day of the year with a slide of 11.93 points to 42,561.80.
The broader index dipped 10.54 points to 5,896.40.
The NASDAQ dropped 66.93 points to 19,419.85.
The S&P 500 has surged 24% in 2024, building on a gain of 24.2% from last year. The two-year gain of around 54% is the best since the nearly 66% rally in 1997 and 1998.
Meanwhile, the Dow has added 13% in 2024, while the NASDAQ has outperformed with a 30% advance.
Developments in Washington, D.C., helped fuel the rally in the second half of the year. The Federal Reserve has cut its benchmark interest rate by a full percentage point since September, bolstering confidence that the U.S. economy can sustain its recent growth. Stocks also rallied sharply following President-elect Donald Trump’s win in November, as traders cheered the prospect of lower taxes and a looser regulatory approach under a Republican administration.
The enthusiasm surrounding AI and its potential productivity boost powered significant gains for the major averages throughout the year, pushing “Magnificent Seven” stocks such AI chip darling Nvidia (NASDAQ:NVDA) and iPhone giant Apple (NASDAQ:AAPL) to new highs. The megacap technology gains helped lift the major averages to record levels.
Bank stocks in particular were one group that surged after the election, with JPMorgan (NYSE:JPM) up 42% and Goldman Sachs (NYSE:GS) advancing 49%, year to date. Shares of Tesla (NASDAQ:TSLA), whose CEO Elon Musk is a close ally of Trump, are now up 67% year to date.
Meanwhile, bitcoin has performed even better than the stock market, up 124% for the year and topping $100,000 for the first time.The market is closed on Wednesday for New Year’s Day.
Prices for the 10-year Treasury lost a bit of ground, raising yields to 4.57% from Monday’s 4.54 %. Treasury prices and yields move in opposite directions.
Oil prices grabbed 77 cents to $71.76 U.S. a barrel.
Prices for gold recovered $21.70 an ounce to $2,639.80 U.S.