Stocks Set On Breaking 4-Day Skid

(MENAFN- Baystreet.ca) Stocks Set on Breaking 4-Day Skid
Stellantis, GM in Vogue









Canada's main stock index rose on Friday, hoping to snap a four-day losing streak, as a rise in commodity prices helped Stocks rebound from TSX's biggest decline in one year in the previous session, while domestic retail sales for July came in softer than expected.
The TSX Composite Index regained 47.53 points to move into the afternoon half of the session at 19, 839.15. On the week, the index looks to lose 3.8%.
The Canadian dollar inched ahead 0.07 cents at 74.26 cents U.S.
The benchmark index was set for its worst weekly performance in over six months after a hawkish stance on interest rates from the Bank of Canada and U.S. Federal Reserve shook investor confidence earlier this week. Stelco Holdings was up 14 cents to $37.29 after Bloomberg News reported that Canada's biggest steelmaker is pursuing a bid for U.S. Steel Corp.
On the economic beat, Statistics Canada reports retail trade increased 0.3% to $66.1 billion in July, while the New Housing Price Index edged up by 0.1% month over month in August. Prices were unchanged in 16 of the 27 census metropolitan areas (CMAs) surveyed, up in five and down in six CMAs.
ON BAYSTREET
The TSX Venture Exchange recovered 4.61 points to 573.20, on pace, however for a weekly loss of nearly 3%.
All but three of the 12 TSX subgroups were positive, led by information technology, stronger by 0.7%, while communications and energy were in the green 0.6% each.
The three laggards were weighed by health-care and real-estate, each down 0.3%, while consumer staples stepped back 0.1%.
ON WALLSTREET
The S&P 500 advanced Friday, but the market was still poised to end the week with steep losses.
The Dow Jones Industrials recovered Friday from losses Thursday, taking the elevator up 78.17 points to 34,138.59.
The much-broader index recouped 25.33 points to 4,355.33.
The NASDAQ index rebounded 121.88 points to 13,345.86.
Ford climbed more than 3% on media reports that the auto giant was making progress in negotiations with the striking United Auto Workers union. Stellantis and General Motors, the other two automakers standing off with the union, also traded higher.
Those moves mark a reprieve following a three-day losing streak for the major averages. The losses came as investors reacted to a signal from the Federal Reserve that it intended to keep interest rates higher for longer.
The S&P 500 has faded 2.2%, and the technology-heavy NASDAQ Composite is down 2.7% this week, It would the third negative week in a row for both. The blue-chip Dow dipped 1.5% on the week.
Investors also became concerned about a government shutdown, which could dent consumer confidence and slow down the economy further. House Republican leaders sent the chamber into recess on Thursday.
Prices for the 10-year Treasury gained ground, lowering yields to 4.43% from Thursday's 4.49%. Treasury prices and yields move in opposite directions.
Oil prices moved back up 64 cents to $90.27 U.S. a barrel.
Gold prices jumped $7.30 to $1,946.90 U.S. an ounce.

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