Massive Recovery By All Indexes Follow U.S. Inflation Read| MENAFN.COM

Monday, 03 October 2022 08:17 GMT

Massive Recovery By All Indexes Follow U.S. Inflation Read


(MENAFN- Baystreet.ca) Massive Recovery by All Indexes Follow U.S. Inflation Read
Converge, HUT in Focus








Markets breathed a gust of relief Wednesday, emblematic of the relief investors felt that an inflation report from south of the border proved, well, not so bad. Indexes on both sides of the border perked as a result.
The TSX kept moved skyward 307.64 points, or 1.5%, to 19,885.94.
The Canadian dollar picked up 0.64 cents to 78.25 cents U.S.
Cannabis concerns led the pack, with Canopy Growth jumping 54 cents, or 14.6%, to $4.24, while Aurora Cannabis added 20 cents, or 10.4%, to $2.12.
Converge Technology Solutions surged $1.24, or 14.6%, to $7.13, while HUT 8 Mining climbed 36 cents, or 11.6%, to $3.46.
Consumer discretionary stocks also flourished, with BRP Inc. up $5.65, or 5.9%, to $100.76, while Canada Goose hiked $1.26, or 4.8%, to $27.61.
Only gold upset the apple cart somewhat, with Centerra Gold bowing $1.75, or 21.9%, to $6.25, while Osisko Gold Royalties dipped 41 cents, or 3%, to $13.22.
ON BAYSTREET
The TSX Venture Exchange gathered 5.67 points, or 1.2%, to 669.50.
All 12 TSX subgroups were in the green midday, with information technology soaring 3.6%, health-care popping 2.6%, and consumer discretionary stocks spiking 2.1%.
ON WALLSTREET
Stocks rose sharply on Wednesday after a key inflation reading showed a better-than-expected slowdown for rising prices.
The Dow Jones Industrials climbed 535.10 points, or 1.6%, to close Wednesday at 33,309.51
The S&P 500 rocketed 87.77 points, or 2.1%, to 4,210.24.
The NASDAQ Composite sprang up 360.88 points, or 2.9%, to 12,826.17.
Major tech stocks outpaced the broader market on Wednesday, with Facebook-parent Meta rising 5.8% and Netflix gaining more than 6%. Salesforce was one of the best performers in the Dow, rising 3.5%.
Earnings season also continues, with Disney's quarterly results due after the bell.
The headline consumer price index for July rose 8.5% year over year, and was flat compared to June. Economists surveyed by Dow Jones were expecting increases of 8.7% and 0.2%, respectively.
Core inflation, which strips out volatile food and energy prices, also saw a smaller-than-expected increase.
The Federal Reserve will weigh the report, along with other key economic data, ahead of its September meeting where it is slated to hike interest rates again.
Treasury prices dropped slightly, lifting yields to 2.79% from Tuesday's 2.78%. Treasury prices and yields move in opposite directions.
Oil prices grew $1.08 to $91.58 U.S. a barrel.
Gold prices sank $5.90 to $1,806.40 U.S. an ounce.










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