Stocks Gallop At Open


(MENAFN- Baystreet) TSX Reaches for Sky

  • Hello to March
  • Stocks Register Strong Gains to End February
  • TSX Finds Way into Green
  • TSX Enjoys Gains at Open Previous Articles Subscribe to Get Small Cap News & Alerts Glenn Wilkins - Friday, March 1, 2024

    Stocks Gallop at Open Banks Draw Attention
    Banks Draw Attention
    Canada's main stock index opened higher on Friday, boosted by energy and materials stocks tracking higher commodity prices, while gains were capped as investors took a breather after Thursday's rally on upbeat domestic quarterly results.
    The TSX Composite popped 175.95 points to begin Friday and March at 21,539.56.
    The Canadian dollar was flat at 73.73 cents U.S.
    Earnings from Canadian Natural Resources, TD Bank Group and Canadian Imperial Bank of Commerce, which beat quarterly profit estimates also added to the rally on the TSX in the previous session.
    TD shares shed 18 cents to $81.31, while CIBC shares gathered 39 cents to $54.39.
    Natural Resources shares vaulted $3.27, or 3.5%, to $97.81.
    Meanwhile, Canadian Western Bank reported its first-quarter profit above analysts' estimates. Western Bank shares plummeted 84 cents, or 2.9%, to $28.15.
    On the economic slate, S&P Global Manufacturing PMI registered Friday at 49.7 in February, compared to 48.3 in January.
    ON BAYSTREET
    The TSX Venture Exchange recovered 4.26 points to 564.37.
    All but one of the 12 subgroups were in the plus column, with energy soared 2%, gold was 1.8% higher, and materials strengthened 1.3%.
    Only consumer discretionaries missed the party, losing 0.6%.
    ON WALLSTREET
    Stocks were mixed Friday after the market wrapped up its fourth straight winning month and the tech-heavy Nasdaq Composite reached its first closing record since November 2021.
    The Dow Jones Industrials jumped 48.68 points to open Friday at 39,044.97.
    The S&P 500 surged 17.83 points to 5,114.10.
    The NASDAQ captured 73.56 points to 16,165.48.
    The tech-heavy index was the last of the major U.S. stock benchmarks to reach a record close this year - when it achieved the milestone Thursday. This move has been fueled by enthusiasm over artificial intelligence, which has lifted mega-cap tech stocks – and the broader market – through 2023 and into this year. Slowing inflation, and the Federal Reserve's ensuing pivot toward rate cuts forecasted for later in 2024, have also contributed the NASDAQ's recovery from a difficult 2022.
    On a weekly basis, the S&P 500, which also popped to a record close on Thursday, is tracking for a roughly 0.5% advance, while the Nasdaq is up 1%. This puts the two indexes on pace for their seventh positive week over the last eight. The 30-stock Dow is the laggard, down nearly 0.3%.
    Troubled regional bank New York Community Bancorp declined 22% after the lender announced a leadership change and disclosed issues with its internal controls. The bank is already down more than 63% in 2024.
    Data released Thursday showed the personal consumption expenditures price index excluding food and energy, the Federal Reserve's preferred gauge, rose 0.4% in January, in line with expectations.
    Prices for the 10-year Treasury inched forward, lowering yields to 4.19% from Thursday's 4.24%. Treasury prices and yields move in opposite directions.
    Oil prices gained $2.18 to $80.44 U.S. a barrel.
    Gold prices surged $19.90 to $2,074.60.




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