Baystreet.ca - Canada's main stock index rose to a two-week high on the first trading day of the year, as rising gold and oil prices boosted commodity-linked sectors.
The TSX jumped 170.09 points to finish Thursday at 24,898.03.
The Canadian dollar shed 0.14 cents to 69.43 cents U.S.
Gold stocks led the charge upward, as Iamgold grabbed 59 cents, or 7.9%, to $8.02, while New Gold (TSX:NGD) captured 19 cents, or 5.3%, to $3.78.
In materials, First Majestic Silver (TSX:AG) powered ahead 69 cents, or 8.7%, to $8.59, while Fortuna Silver Mines (TSX:FVI) moved up 42 cents, or 6.8%, to $6.59.
Tilray (TSX:TLRY) led health-care stocks upward 19 cents, or 10%, to $2.09.
Financials backpedaled, though, as Trisura (TSX:TSU) Group shares faltered 95 cents, or 2.4%, to $38.03, while Great West Lifeco dipped 73 cents, or 1.5%, to $46.94.
In consumer staples, Alimentation Couche-Tard fell 67 cents to $79.05, while Jamieson Wellness (TSX:JWEL) let go of eight cents to $36.63.
In consumer discretionary stocks, BRP (TSX:DOO) slid 93 cents, or 1.3%, to $72.28, while Linamar (TSX:LNR) shares fell 50 cents to $56.29.
On things macroeconomic, the S&P Global Canada Manufacturing Purchasing Managers' Index (PMI) rose to 52.2 in December from 52.0 in November, its highest level since February 2023 and the fourth straight month above the 50.0 no-change mark. The average for the PMI in data going back to 2010 is 52.4.
ON BAYSTREET
The TSX Venture Exchange hiked 19.51 points, or 3.3%, to 617.35.
All but three of the 12 TSX subgroups gained ground, with gold shining 3.9% brighter, while health-care climbed 3.3%, materials hiked 3%.
The three laggards were financials and consumer staples, down 0.2%, and consumer discretionary stocks, fading 0.1%.
ON WALLSTREET
Stocks slid on Thursday in a choppy first trading session of the new year, as the slump to end 2024 extended into January.
The Dow Jones Industrials slumped 151.95 points to 42,392.27.
The S&P 500 doffed 13.08 points to 5,868.55, for its fifth straight down day.
The NASDAQ dropped 30 points to 19,280.79, which was also its fifth consecutive decline.
The holiday-shortened week has been light on economic data, but a jobless claims report on Thursday showed both initial and continuing unemployment claims falling week over week.
Tech giant Apple (NASDAQ:AAPL) weighed on the market, falling 2.6%. Tesla (NASDAQ:TSLA) fell 6% after reporting that annual deliveries declined in 2024. Chipmaker Nvidia (NASDAQ:NVDA) rose 3%, helping to somewhat offset the declines from other Big Tech stocks.
Thursday’s trading moves come after a solid 2024 for stocks ended on a sour note. The S&P 500 surged 23%, but ended the year with four-straight down days for the first time since 1966.
Prices for the 10-year Treasury gained, lowering yields to 4.56% from Tuesday’s 4.57 %. Treasury prices and yields move in opposite directions.
Oil prices hiked $1.40 to $73.12 U.S. a barrel.
Prices for gold were elevated $32.10 an ounce to $2,673.10 U.S.