(MENAFN- Baystreet.ca)
TSX Plunges on Day, Positive on Week
AMD, Levi Strauss in Focus
All the promise of recovery from the week before went a-glimmer when the closing bells rang Friday on both sides of the border.
The TSX Composite dropped 395.88 points, or 2.1%, to close Friday and the week at 18,583.13. Still, over the last five sessions, the TSX gained 139 points, or 0.75%.
The Canadian dollar inched up 0.06 cents to 72.77 cents U.S.
Markets in Canada will be shuttered Monday for Thanksgiving Day.
Health-care stocks took the most punishment, with Canopy Growth hurtling lower $1.33, or 25.8%, to $3.83, while Tilray lost $1.02, or 19%, to $4.35.
In tech stocks, Lightspeed Commerce tumbled $2.72, or 10%, to $24.36, while Telus International moved downward $2.90, or 7.8%, to $34.61.
In gold stocks, Iamgold gave up a dime, or 6.3%, to $1.48, while OceanaGold dipped 16 cents, or 6.9%, to $2.16.
On the economic slate, Statistics Canada says employment grew but 21,000 in September. The unemployment rate fell 0.2 percentage points to 5.2% as fewer people searched for work.
Elsewhere, Danielle Smith was elected leader of the ruling United Conservative Party in Canada's oil-rich Alberta province on Thursday, after running on promises of greater autonomy, in particular pushing back against federal government policies.
ON BAYSTREET
The TSX Venture Exchange slipped 13.86 points, or 2.2%, to 608.02.
All 12 TSX subgroups had taken their punishment by the day's end, health-care being bruised 11.5%, information technology fading 4.7%, and gold falling 4.4%.
ON WALLSTREET
Stocks fell on Friday as traders evaluated September's jobs report, which showed the unemployment rate continuing to decline and sparked an increase in interest rates.
The Dow Jones Industrials sank 629.75 points, or 2.1%, to close Friday and the week at 29,297.19.
The S&P 500 plummeted 104.87 points, or 2.8%, to 3,639.63.
The NASDAQ Composite faded 420.91 points, or 3.8%, to 10,652.41.
Advanced Micro Devices' stock tumbled $9.38, or 13.8%, to $58.47, after the chipmaker warned its third-quarter revenue would be lower than anticipated.
Levi Strauss shares slipped $1.80, or 11.3%, to $14.14, following a cut to its guidance.
Friday's losses trimmed the gains for what started out as a big comeback week for stocks. The major averages are still on pace to end the week higher but have given back most of the gains from the rally that kicked off the week.
The Dow headed to a 1.5% weekly gain, while the S&P was on track to end the week higher by 1.1%. The NASDAQ was on pace to rise 0.4%.
Friday's jobs numbers showed the U.S. economy added 263,000 jobs in September, slightly below a Dow Jones estimate of 275,000.
However, the unemployment rate came in at 3.5%, down from the 3.7% in the previous month in a sign that the jobs picture continues to strengthen even as the Federal Reserve tries to slow the economy with rate hikes to stem inflation.
Treasury prices declined, lifting yields to 3.88% from Thursday's 3.82%. Treasury prices and yields move in opposite direction.
Oil prices surged $4.13 to $92.58 U.S. a barrel.
Gold prices settled $17.80 to $1,703.00 U.S. an ounce.
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