Baystreet.ca - Canada's main stock index opened higher on Friday and was on course to end the holiday-shortened week on a positive note, helped by rising technology and energy shares.
The TSX jumped 170.09 points to begin the week’s last session at 24,898.03.
The Canadian dollar shed 0.14 cents to 69.43 cents U.S.
In the first hour or so, communications led the pack, powered mostly by shares of BCE (TSX:BCE), surging 50 cents, or 1.5%, to $34.02, while Quebecor (TSX:QBRa) gained 33 cents, or 1.1%, to $31.88.
ON BAYSTREET
The TSX Venture Exchange acquired 1.32 points to 618.67.
All but one of the 12 TSX subgroups gained ground, with communications ahead 1.1%, information technology, better by 0.8%, and consumer staples, improving 0.7%.
Only gold failed to break even, losing 0.2%.
ON WALLSTREET
U.S. stocks rose on Friday as Wall Street tried to shake off a volatile start to the new year.
The Dow Jones Industrials recovered 176.33 points to 42,568.60.
The S&P 500 regained 40.69 points to 5,909.24.
The NASDAQ Composite gained 180.88 to 19,280.79.
Tech stocks were a bright spot for the market on Friday. Chip giant Nvidia (NASDAQ:NVDA) climbed more than 3%, while cyber defense name CrowdStrike (NASDAQ:CRWD) added 2.6%. Homebuilder PulteGroup (NYSE:PHM) also rose more than 2% to lead the consumer discretionary group.
The S&P 500 and NASDAQ Composite have fallen for five straight trading sessions, their longest losing streak since April of last year.
On the economic data front, the ISM Manufacturing Index came in at 49.3 for December. That is above expectations of 48.0, according to Dow Jones, but is still below the level of 50 that signifies expansion in the sector.
Prices for the 10-year Treasury faded, raising yields to 4.58% from Thursday’s 4.56 %. Treasury prices and yields move in opposite directions.
Oil prices hiked 60 cents to $73.73 U.S. a barrel.
Prices for gold declined $12.60 an ounce to $2,656.40 U.S.