(MENAFN- Baystreet) TSX Opens Higher on Materials Boost
Futures Rise with Commodity Prices
TSX Moves Doggedly into Green
TSX Staggers by Noon
TSX at One-Week Low Previous Articles Subscribe to Get Small Cap News & Alerts Glenn Wilkins - Friday, April 26, 2024
Gains on TSX Subside Slightly Eldorado in Picture Canada's main stock index climbed on Friday, set for a weekly gain, boosted by materials stocks and upbeat megacap earnings on Wall Street, as increasing bets for an interest rate cut in September helped investor sentiment.
The TSX Composite gained 31.32 points to approach noon EDT Friday at 21,916.70. The index is up 0.5% on the week so far.
The Canadian dollar let go of 0.16 cents at 73.05 cents U.S.
Industrials were dragged down by a 4.8% decline in TFI International after the transportation and logistics company's results missed first-quarter estimates.
ON BAYSTREET
The TSX Venture Exchange gained 5.01 points to 583.34, charging ahead on the week 3%.
Eight of the 12 TSX subgroups were higher midday, led by health-care and materials, up 1.1% each, and real-estate, ahead 0.5%.
The four laggards were weighed most by communications and energy, each down 0.2%, and utilities, off 0.02%.
ON WALLSTREET
Stocks jumped Friday as Big Tech names Alphabet and Microsoft rallied on strong earnings and traders pored through fresh U.S. inflation data.
The Dow Jones Industrials surged 147.44 points, to break for lunch at 38,233.24.
The S&P recovered 53.01 points, or 1.1%, to 5,101.43.
The NASDAQ hiked 317.43 points, or 1.2%, to 15,929.32.
Shares of Alphabet jumped more than 10% following better-than-expected first-quarter earnings and headed for their best day since July 2015.
The company also authorized its first-ever dividend and a $70-billion buyback. Microsoft added about 3% on strong fiscal third-quarter results.
Stocks also appeared to get a boost from March's core personal consumption expenditures reading. The gauge, excluding food and energy, rose 2.8% from a year ago and came in ahead of the 2.7% expected by Dow Jones. Personal spending rose 0.8% and ahead of a 0.7% estimate.
The major averages are on track for a winning week. The S&P 500 is up 2.8% week to date, on pace to break a three-week losing streak. The NASDAQ has gained more than 4%, headed for its first positive week in five. The Dow is up by a more modest 0.6% this week.
Prices for the 10-year Treasury advanced, dropping yields to 4.67% from Thursday's 4.70%. Treasury prices and yields move in opposite directions.
Oil prices took on 33 cents to $83.90 U.S. a barrel.
Gold prices revived $6.20 to $2,352U.S. an ounce.
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