(MENAFN- Baystreet) Stocks Rise on commodities Strength
TSX Lurches Toward Record High
Futures Tame as Rate Bets Decline
TSX Finishes Flat
TSX Jumps on Upbeat Results Previous Articles Subscribe to Get Small Cap News & Alerts Glenn Wilkins - Friday, May 17, 2024
TSX Jumps to End Successful Week Dow Runs Win Streak to 5 Stocks all over North America enjoyed a banner day to end the week, with resource stocks pointing the way in Toronto.
The TSX surged 165.54 points to end the session at 22,465.37. On the week, the
index hiked 156 points, or 0.7%.
The Canadian dollar eked ahead 0.04 cents at 73.49 cents U.S.
Materials led the way into higher country Friday, with First Quantum Minerals popping $1.38, or 7.6%, to $19.45, while Ero Copper took on $2.21, or 7.3%, to $32.42.
In gold stocks, New Gold triumphed 29 cents, or 11.3%, to $2.85, while Alamos Gold rolled higher $1.06, or 4.8%, to $23.22.
Energy also rumbled, with IPCO marching 49 cents, or 2.8%, to $18.12, while Athabasca Oil tacked on 11 cents, or 2.3%, to $4.94.
Health-care stocks moved downward, with Tilray sagging 21 cents, or 7.2%, to $2.69, Bausch Health Companies backed off 42 cents, or 4.4%, to $9.22.
In real-estate. H&R REIT slid 19 cents, or 2%, to $9.54, while Allied Properties REIT surrendered 21 cents, or 1.3%, to $17.20.
Communications also took their bruises, as Quebecor lost 93 cents, or 3%, to $30.42, while Cogeco Communications suffered losses of 60 cents, or 1.1%, to $56.02.
On the final economic reports before Victoria Day, Statistics Canada told us Canadian investors acquired an unprecedented $35.6 billion of foreign securities in March, ending the first quarter with a record investment of $51.5 billion. Meanwhile, foreign investors increased their exposure to Canadian securities by $14.4 billion in March after divesting $4.3 billion in February.
Markets in Canada are closed Monday for Victoria Day.
ON BAYSTREET
The TSX Venture Exchange leaped 11.9 points to 615.17, for a jump on the week of 17.8 points, or nearly 3%.
Eight of the 12 TSX subgroups regained lost ground Friday, with materials surging 2.6%, gold brighter by 2.5%, and energy improving 1.2%.
The four laggards were weighed most by health-care, slipping 2.8%, real-estate, lagging 0.77, and communications off 0.3%.
ON WALLSTREET
The Dow Jones Industrial Average closed Friday above the key 40,000 level after hitting that benchmark in the previous session.
The 30-stock index leaped 134.97 points to close Friday and the week at 40,004,35.
The S&P 500 gained 6.17 points to 5,303.27.
The NASDAQ Composite subtracted 12.35 points to 16,685,97.
Shares of Walmart and Caterpillar, both 1% higher, led the Dow. Chubb took on more than 3%, and Valero Energy gained more than 4%. The two were the biggest gainers in the S&P 500.
Stocks are on pace for a strong finish to the week, with the Dow up 1% and on pace for its fifth straight weekly gain. The S&P 500 hiked 1.5%, and NASDAQ climbed 2.3% week to date, on track for their longest winning streak since February.
This week's ascent has helped propel the three indexes into positive territory for the second quarter despite a tough start. The S&P 500 and NASDAQ are now each up more than 11% in 2024, while the Dow has climbed more than 5% this year.
Prices for the 10-year Treasury slipped, raising yields to 4.42% from Thursday's 4.38%. Treasury prices and yields move in opposite directions.
Oil prices took on 75 cents to $79.95 U.S. a barrel.
Gold prices moved ahead $35.10 to $2,411.70.
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