(MENAFN- Baystreet) TSX Continues in Green
Futures Eke Higher Ahead of U.S. Jobs Numbers
Stocks Rise as Interest Rate Anxiety Eases
TSX Hikes on
energy Boost
TSX Wobbles at Thursday Open Previous Articles Subscribe to Get Small Cap News & Alerts Glenn Wilkins - Friday, May 3, 2024
Markets Show Muscle Weak U.S. Reports Boosts Stock Markets
The TSX Composite rocketed 100.89 points to begin Friday at 21,924.11.
The Canadian dollar gained 0.13 cents at 73.30 cents U.S.
In company news, pipeline operator TC Energy beat first-quarter profit estimates, helped by robust demand for liquefied natural gas. TC shares gained $1.90, or 3.8%, to $51.71.
Magna International missed analysts' estimates for first-quarter profit and cut its full-year overall sales forecast on Friday, as the auto parts supplier navigates headwinds from supply chain snags. Magna shares dumped $3.25, or 4.9%, to $62.95.
Meanwhile, Greater Toronto area home sales fell in April for a third straight month and prices crept up, as over two-decade high interest rates kept the lid on housing market recovery in Canada's main metropolitan region.
ON BAYSTREET
The TSX Venture Exchange forged ahead 2.24 points to 582.66.
Seven of the 12 subgroups were higher, with health-care and real-estate climbing 1.3% each, while communications took on 1.1%.
The five laggards were weighed most by gold, down 0.9%, consumer discretionary, off 0.4%, and energy wilted 0.3%.
ON WALLSTREET
Stocks jumped sharply Friday after a softer-than-expected April jobs report boosted hopes that the Federal Reserve could start cutting interest rates soon.
The Dow Jones Industrials popped 524,51 points, or 1.4%, to begin Friday at 38,750.17.
The S&P 500 galloped 62.12 points, or 1.2%, to 5,126.32.
The NASDAQ zoomed 307.46 points, or 1.9%, to 16,148.42.
Friday's non-farm payrolls report showed 175,000 jobs gained in April, below the 240,000 jobs expected by economists surveyed by Dow Jones. The unemployment rate edged up to 3.9%, versus 3.8% in the prior month, according to the Bureau of Labor Statistics. Wage figures also came in less than expected - an encouraging sign for inflation.
With Friday's moves all the major averages are headed to finish the week with gains. The Dow and NASDAQ have added 1.2% each, while the S&P is up 0.3%.
Strong quarterly reports from major Dow components contributed to Friday's rally. Apple advanced 7% after it announced a $110-billion share repurchase and a top -and bottom-line beat. Biotech Amgen surged 14% after posting better-than-expected earnings and offering a positive update on an experimental obesity drug.
Prices for the 10-year Treasury jumped, lowering yields to 4.50% from Thursday's 4.58%. Treasury prices and yields move in opposite directions.
Oil prices lost 41 cents $78.54 U.S. a barrel.
Gold prices retreated $21.20 to $2,288.40.
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