TSX up 140+ on Day, Down on Week
NASDAQ Runs Win Streak to 5 Wks.
Stocks in Toronto managed to salvage some dignity out of a rough (albeit short) week, with tech and consumer issues pushing Friday's totals appreciably higher.
The TSX gained 146.23 points to close Friday at 19,920.31. On the week, though, the index still dropped 430 points, or 2.1%.
The Canadian dollar nicked higher 0.18 cents to 73.46 cents U.S.
Tech stocks proved champion among subgroups, as Celestica roared ahead $1.64, or 10.3%, to $17.51, while HUT 8 Mining spiked 18 cents, or 7.1%, to $2.70.
In consumer discretionary issues, Gildan Activewear tacked on 80 cents, or 2.1%, to $38.69, while Dollarama triumphed $1.65, or 2%, to $83.84.
Financials also moved ahead, with Fairfax Financial grabbing $28.92, or 3%, to $991.42, while CI Financial jumped 34 cents, or 2.7%, to $13.18.
Only health-care stocks felt around for the bruises, with Tilray punished 65 cents, or 20.4%, to $2.53, while Chartwell Retirement Residences slipping eight cents to $9.02.
Markets were closed Monday for Victoria Day.
The TSX Venture Exchange recovered 1.45 points to 604.09, for a weekly loss of 8.7 points, or 1.4%.
All but one of the 12 TSX subgroups were higher by Friday's close, with information technology climbing 1.7%, consumer discretionary stocks up 1.3%, and financials climbing 0.8%.
Only health-care missed the party, sliding 4.6%.
Stocks jumped Friday as traders grew hopeful that lawmakers will reach a deal to raise the U.S. debt ceiling, avoiding a potentially catastrophic default.
The Dow Jones Industrials popped 328.69 points, or 1%, to end Friday at 33,093.34.
The S&P 500 gained 54.17 points, or 1.3%, to 4,205.45.
The NASDAQ hiked 277.59 points, or 2.2%, to 12,975.69.
The NASDAQ notched its fifth straight weekly gain, rising 2.5%. The S&P 500 also posted a one-week advance, picking up 0.3%. The Dow was the laggard this week, losing 1%.
U.S. markets will be closed Monday for Memorial Day.
Intel gathered 5.8%, and American Express rose 4.1%, to lead the Dow higher. The S&P 500 tech and consumer discretionary sectors popped more than 2% each.
House Speaker Kevin McCarthy left the Capitol Thursday night saying a deal had not been reached yet. However, sources told news outlets that the White House and McCarthy are close to reaching an agreement that would raise the U.S. debt ceiling for two years.
Treasury Secretary Janet Yellen has warned that the U.S. could default on its debt as soon as June 1 if the debt ceiling is not raised.
New data out Friday morning showed inflation rose more than expected in April. The personal consumption expenditures index, the Federal Reserve's preferred gauge of price pressures, increased 0.4% last month and 4.7% from a year earlier.
Prices for the 10-year Treasury gained, lowering yields to 3.81% from Thursday's 3.82%. Treasury prices and yields move in opposite directions.
Oil prices recovered 96 cents to $72.79 U.S. a barrel.
Gold prices gained $2.90 to $1,946.60 U.S. an ounce.
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