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TSX Soars On Carney's First Day In Office
(MENAFN- Baystreet)
Toronto's main stock index made its way into the stratosphere on Friday after a volatile week. This, after Mark Carney ascension to prime Minister of Canada, while still being set for a weekly loss amid growth concerns from an ongoing trade war.
The TSX Composite Index jumped 350.17 points, or 1.5%, Friday to 24,553.02, but lost 205 points, or 0.8%.
The Canadian dollar recovered 0.30 cents to conclude the week at 69.50 cents U.S.
Carney, former bank of Canada and Bank of England governor, was formally sworn in as prime minister of Canada on Friday, putting him in a position to fight tariffs from U.S. President Donald Trump that could devastate the trade-dependent Canadian economy.
Trump's erratic tariff onslaught, along with retaliation from Canada and the European Union, have strained global trade relations and raised concerns about a potential economic recession in the U.S. and Canada.
In corporate news, Adentra on Thursday missed the fourth-quarter sales estimate and highlighted a slight decline in annual sales. Adentra skidded $1.63, or 5.4%, to $28.64.
Tech shares led the charge, with Celestica popping $7.28, or 5.8%, to $132.10, while Lightspeed Commerce added 68 cents, or 4.6%, to $15.47.
Financials had a banner day, with goeasy shares headed higher $7.52, or 5.3%, to $48.48, and IA Financial up $4.07, or 3.3%, to $128.32.
In the industrial sector, NFI towered $2.30, or 20.7%, to $13.44, while Bird Construction proceeded ahead $1.04, or 5.1%, to $21.47.
Telecoms pointed lower, as BCE ditched $1.46, to $33.70, while TELUS lost 12 cents to $21.53.
In utilities, Emera Inc. gave back 36 cents to $59.16, while Altagas slid 24 cents to $38.66.
Economically speaking, motor vehicle sales declined to 121,600 in January from 135,500 in December.
Elsewhere, manufacturing sales rose 1.7% in January, primarily due to higher sales of motor vehicles and petroleum and coal products.
Wholesale sales rose 1.2% to $85.1 billion in January.
ON BAYSTREET
The TSX Venture Exchange gained 7.96 points to close Friday at 621.13. The gain on the week was 6.8 points, or 1.1%.
All but two of the 12 TSX subgroups were in the green Friday, with information technology ahead 2.8%, financials richer by 1.9%, and industrials better by 1.7%.
The two laggards were telecoms, losing 1.3%, and utilities, off 0.2%.
ON WALLSTREET
Stocks rallied Friday, clawing back some of the steep losses seen over the week, as investors got a reprieve from tariff-related headlines.
The Dow Jones Industrials regained 674.29 points, or 1.7%, to 41,487.85, kicking a four-day losing streak to the curb.
The S&P 500 index rebuilt 117.42 points, or 2.1%, to 5,638.94.
The NASDAQ zoomed 451.08 points, or 2.6%, to 17,754.09. It was the best day in 2025 for both the S&P 500 and the NASDAQ.
Big tech shares that were rattled earlier this week saw a sharp recovery on Friday. Nvidia shares popped more than 5%. Tesla jumped nearly 4%, and Meta Platforms gained close to 3%.
Amazon and Apple also rose.
Stocks bounced after a lack of new headlines out of the White House related to tariffs, easing concerns around escalating tensions for the time being. Investors might also be scooping up shares after a stock market pullback on Thursday.
A decline of more than 1% Thursday pulled the S&P 500 into a correction – a decline of at least 10% from the record close notched just 16 days ago. The session's selloff dragged the Nasdaq further into correction.
That marked another milestone in the pullback that has gripped investors over the past three weeks as President Donald Trump's on-again-off-again tariff policy drove up uncertainty and market volatility.
Indeed, even Friday's rally couldn't spare the three major averages from weekly losses. The Dow fell roughly 3.1% for its worst week since March 2023. The S&P 500 and the NASDAQ both dropped more than 2% and posted their fourth consecutive losing week.
Senate minority leader Chuck Schumer said he wouldn't block a Republican government funding bill.
However, data released Friday from the University of Michigan confirmed that consumer confidence has suffered from the ongoing tariff-related uncertainty, worries that have driven the market down the last three weeks.
Consumer sentiment dropped in March to 57.9, lower than the 63.2 economists polled by Dow Jones had expected.
Prices for the 10-year Treasury fell Friday, raising yields to 4.32% from Thursday's 4.26%. Treasury prices and yields move in opposite directions.
Oil prices added 66 cents to $67.21 U.S. a barrel.
Prices for gold threw off earlier gains and lost 10 cents an ounce to $2,991.20 U.S.
Toronto's main stock index made its way into the stratosphere on Friday after a volatile week. This, after Mark Carney ascension to prime Minister of Canada, while still being set for a weekly loss amid growth concerns from an ongoing trade war.
The TSX Composite Index jumped 350.17 points, or 1.5%, Friday to 24,553.02, but lost 205 points, or 0.8%.
The Canadian dollar recovered 0.30 cents to conclude the week at 69.50 cents U.S.
Carney, former bank of Canada and Bank of England governor, was formally sworn in as prime minister of Canada on Friday, putting him in a position to fight tariffs from U.S. President Donald Trump that could devastate the trade-dependent Canadian economy.
Trump's erratic tariff onslaught, along with retaliation from Canada and the European Union, have strained global trade relations and raised concerns about a potential economic recession in the U.S. and Canada.
In corporate news, Adentra on Thursday missed the fourth-quarter sales estimate and highlighted a slight decline in annual sales. Adentra skidded $1.63, or 5.4%, to $28.64.
Tech shares led the charge, with Celestica popping $7.28, or 5.8%, to $132.10, while Lightspeed Commerce added 68 cents, or 4.6%, to $15.47.
Financials had a banner day, with goeasy shares headed higher $7.52, or 5.3%, to $48.48, and IA Financial up $4.07, or 3.3%, to $128.32.
In the industrial sector, NFI towered $2.30, or 20.7%, to $13.44, while Bird Construction proceeded ahead $1.04, or 5.1%, to $21.47.
Telecoms pointed lower, as BCE ditched $1.46, to $33.70, while TELUS lost 12 cents to $21.53.
In utilities, Emera Inc. gave back 36 cents to $59.16, while Altagas slid 24 cents to $38.66.
Economically speaking, motor vehicle sales declined to 121,600 in January from 135,500 in December.
Elsewhere, manufacturing sales rose 1.7% in January, primarily due to higher sales of motor vehicles and petroleum and coal products.
Wholesale sales rose 1.2% to $85.1 billion in January.
ON BAYSTREET
The TSX Venture Exchange gained 7.96 points to close Friday at 621.13. The gain on the week was 6.8 points, or 1.1%.
All but two of the 12 TSX subgroups were in the green Friday, with information technology ahead 2.8%, financials richer by 1.9%, and industrials better by 1.7%.
The two laggards were telecoms, losing 1.3%, and utilities, off 0.2%.
ON WALLSTREET
Stocks rallied Friday, clawing back some of the steep losses seen over the week, as investors got a reprieve from tariff-related headlines.
The Dow Jones Industrials regained 674.29 points, or 1.7%, to 41,487.85, kicking a four-day losing streak to the curb.
The S&P 500 index rebuilt 117.42 points, or 2.1%, to 5,638.94.
The NASDAQ zoomed 451.08 points, or 2.6%, to 17,754.09. It was the best day in 2025 for both the S&P 500 and the NASDAQ.
Big tech shares that were rattled earlier this week saw a sharp recovery on Friday. Nvidia shares popped more than 5%. Tesla jumped nearly 4%, and Meta Platforms gained close to 3%.
Amazon and Apple also rose.
Stocks bounced after a lack of new headlines out of the White House related to tariffs, easing concerns around escalating tensions for the time being. Investors might also be scooping up shares after a stock market pullback on Thursday.
A decline of more than 1% Thursday pulled the S&P 500 into a correction – a decline of at least 10% from the record close notched just 16 days ago. The session's selloff dragged the Nasdaq further into correction.
That marked another milestone in the pullback that has gripped investors over the past three weeks as President Donald Trump's on-again-off-again tariff policy drove up uncertainty and market volatility.
Indeed, even Friday's rally couldn't spare the three major averages from weekly losses. The Dow fell roughly 3.1% for its worst week since March 2023. The S&P 500 and the NASDAQ both dropped more than 2% and posted their fourth consecutive losing week.
Senate minority leader Chuck Schumer said he wouldn't block a Republican government funding bill.
However, data released Friday from the University of Michigan confirmed that consumer confidence has suffered from the ongoing tariff-related uncertainty, worries that have driven the market down the last three weeks.
Consumer sentiment dropped in March to 57.9, lower than the 63.2 economists polled by Dow Jones had expected.
Prices for the 10-year Treasury fell Friday, raising yields to 4.32% from Thursday's 4.26%. Treasury prices and yields move in opposite directions.
Oil prices added 66 cents to $67.21 U.S. a barrel.
Prices for gold threw off earlier gains and lost 10 cents an ounce to $2,991.20 U.S.
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