Stocks Cap Off Big Week with Strong Gains
New Gold, Endeavour in Focus
Equities throughout North America concluded a splendidly prosperous week with emphasis on Friday, as Canadian markets were powered largely by resource stocks.
The TSX jumped 187.93 points to conclude Friday at 20,179.81, for an increase on the week of 559 points, or 2.85%.
The Canadian dollar faded four cents to 78.31 cents U.S.
Gold led the way, with New Gold surging five cents, or 4%, to $1.05, while Nova Gold jumped 22 cents, or 3.6%, to $6.38.
In materials, Lithium Americas screamed higher $2.28, or 6%, to $39.75, while Endeavour Silver extended 16 cents, to 3.7%, to $4.52.
In cannabis companies, Aurora Cannabis hiked 19 cents, or 9.3%, to $2.23, while Cronos Group added 19 cents, or 4.9%, to $4.07.
The TSX Venture Exchange spiked 7.49 points, or 1.1%, to 680.51, picking up 16 points, or 2.46%.
All 12 TSX subgroups were positive by Friday's close, as gold sprinted 2.1%, materials were better by 2%, and health-care moved skyward 1.9%.
Stocks rose sharply on Friday, putting the S&P 500 on track for its fourth positive week in a row on the hope that inflation is peaking.
The Dow Jones Industrials popped 424.44 points, or 1.3%, to close Friday and the week at 33,761.11
The S&P 500 jumped 72.69 points, or 1.7%, to 4,279.96
The NASDAQ Composite thundered higher 267.27 points, or 2.1%, to 13,047.19.
The S&P 500 is up 2.9% on the week and is on track for its longest weekly winning streak since November 2021. The Dow is up 2.7% for the week, while the NASDAQ Composite is 2.6% higher. For the NASDAQ, it is also the fourth positive week in a row.
The averages have been boosted by positive news on the inflation front. The consumer price index was flat from June to July, thanks in large part to falling gas prices, which lowered headline inflation. The produce price increase showed a surprise decline. On Friday, import prices also fell more than expected.
This week's moves have extended a market rally off its mid-June lows. As of midday Friday, the S&P 500 was up 15.5% since the lows, while the Dow had gained 12.2% and the NASDAQ was up 21.4%.
Treasury prices were up, lowering yields to 2.84% from Thursday's 2.87%.
Oil prices slipped $2.45 to $91.89 U.S. a barrel.
Gold prices revived $10.40 to $1,818.10 U.S. an ounce.
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