By Ketki Saxena
Investing.com -- The TSX tracked Wall Street higher in afternoon trading, on track for its best weekly performance in almost eight months, with gains driven by the technology sector as investors' risk appetite improved. Wall Street indices also climbed, as softened U.S inflation data raised bets that the Federal Reserve may not need to adopt as aggressive of a stance to curb price growth through rate hikes.
The commodity-heavy Canadian index was further bolstered by increases in crude following easing inflation, easing investor concerns that hawkish Fed policy which could hamper demand for the commodity. Higher metal prices meanwhile helped lift the materials sector.
The Biggest Stories on Bay Street
Bausch + Lomb Corp (NYSE:BLCO) shares soared after the company announced plans to buy out Swiss pharmaceutical company Novartis’s dry-eye drug for $1.75 billion.
Algonquin Power & Utilities Corp (TSX:AQN) shares climbed and then pared back upon news of activist hedge fund Starboard Value LP acquiring a 5% stake in the company.
FirstService (TSX:FSV) shares meanwhile rose after BMO (TSX:BMO) upgraded their status from "market perform" to "outperform".
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In Canadian Economics
Data released from Statistics Canada indicated no changes in GDP for April, but preliminary data indicated a 0. 4% growth during May.