Canada’s main stock index hit a record high on Friday, lifted by technology stocks, after domestic and U.S. jobs data raised bets for interest rate cuts this month in both economies.
The TSX zoomed 108.33 points to begin Friday at 25,788.37.
The Canadian dollar slipped 0.59 cents to 70.73 cents U.S.
In corporate news, Wheaton Precious Metals announced the acquisition of a gold stream from Allied Gold’s Kurmuk project. Wheaton shares took on 23 cents to $88.53, while Allied grabbed 70 cents, or 2%, to $3.50.
Economically speaking, Statistics Canada says the economy created 51,000 (+0.2%) in November. The unemployment rate rose 0.3 percentage points to 6.8%, as more people looked for work.
Also, the IVEY PMI, put off a day, nicked ahead to 52.3 in November, from 52 in October, well off the 54.7 reading of November 2023.
ON BAYSTREET
The TSX Venture Exchange eked up 0.52 points to 608.81.
All but three of the 12 TSX subgroups were higher in the first hour, with information technology jumping 2.3%, consumer discretionary stocks jumping 1.3%, and industrials higher 0.9%.
The three laggards were energy, down 2%, materials, fading 0.1%, and communications, off 0.01%.
ON WALLSTREET
Stocks rose after November jobs data came in slightly better than expected on Friday, but not so hot as to deter the Federal Reserve from cutting rates again later this month.
The Dow Jones Industrial index rebounded 42.58 points to 44,808.29
The S&P 500 gained 22.05 points to 6,097.16.
The NASDAQ Composite surged 137.52 points to 19,838.24.
The November labor report, released on Friday morning, revealed that nonfarm payrolls increased by 227,000 in November, above the Dow Jones estimate of 214,000 and marking a huge hike from October’s gain of just 12,000. The unemployment rate nudged up to 4.2%, as expected.
Prices for the 10-year Treasury hiked, lowering yields to 4.15% from Thursday’s 4.18%. Treasury prices and yields move in opposite directions.
Oil prices lost $1.19 to $67.11 U.S. a barrel.
Prices for gold regained $12.00 an ounce to $2,660.40 U.S.
Jobs Report Pushes Equities Higher
