Financials Power TSX

(CORRECTS TSX AND VENTURE EXCHANGE CLOSING FIGURES)

Stocks kept their forward momentum Thursday, due largely to strength in the financial field.

The TSX gained 171.56 points to close Thursday trading at 19,413.

The Canadian dollar moved 0.23 cents higher to 76.38 cents U.S.

Financials led the way, with Definity Financial richer by $1.45, or 3.9%, to $39.05, while Trisura Group prospered 87 cents, or 2.6%, to $34.99.

In materials, Ivanhoe Mines advanced 34 cents, or 4.2%, to $8.48, while First Quantum Minerals spiked $1.52, or 7.2%, to $22.65.

Among tech concerns, Dye & Durham shares skyrocketed $1.25, or 9.1%, to $14.92. HUT 8 Mining grabbed 31 cents, or 12.8%, to $2.73.

Communications were negative on the day, as Quebecor lost 86 cents, or 3.1%, to $27.00, while Cogeco Communications doffed $1.26, or 1.6%, to $76.26.

In health-care, Bausch Health Companies parted with 44 cents, or 4.5%, to $8.70, while Sienna Senior Living dropped four cents to $13.15.

Consumer staples were also pounded, with North West Company stumbling $2.28, or 6.7%, to $31.77, while Alimentation Couche-Tard sank 58 cents, or 1%, to $58.32.

ON BAYSTREET

The TSX Venture Exchange added 5.5 points, to 637.14.

Seven of the 12 TSX subgroups were higher on the day, led by financials, up 1.4%, materials, improving 1.1%, and information technology, better by 0.7%.

The five laggards were weighed most by communications and health-care, each sliding 0.9%, and consumer staples, 0.7% to the bad.

ON WALLSTREET

Read:

• Airline Industry Wooing Back Customers with Enhanced, Healthier Menu Options

• Vegetarian and Vegan Fliers Winning Important Battle Over In-Flight Menu Options

• Mega Grocery Store Chains Listening to Customers’ Demands for Nutritious, Clean-Label Foods

• Innovative Food Stocks Responding to Conflict-, and Drought-Driven Food Supply Shocks

• Crypto Miners Finding Success While Shifting Towards Environmentally Sustainable Operations

Stocks rose Thursday after moving between gains and losses as Wall Street weighed Federal Reserve Chair Jerome Powell’s comments on the central bank continuing to fight inflation.

The Dow Jones Industrials leaped 193.24 points to close Thursday at 31,774.52

The S&P 500 regained 26.31 points to 4,006.18

The NASDAQ Composite leaped 70.23 points to 11,862.13.

Stocks had slid during a Q&A session from Powell at the Cato Institute where he reiterated that the central bank will do what it takes to fight inflation. He also signaled that a pause in rate hikes or a pivot to cutting interest rates is not coming soon.

Earlier in the morning, the European Central Bank hiked interest rates by 0.75 percentage point, raising its deposit to 0.75% from zero, in a largely expected move to tamp down inflation.

The stock market is coming off a solid rebound. On Wednesday, the major averages posted their best day since Aug. 10, with the NASDAQ snapping a seven-day losing streak.

Still, stocks remain in a downtrend overall as concerns about a slowing economy and further rate hikes from the Federal Reserve are pushing some investors away from riskier parts of the market.

Treasury prices faded, raising yields to 3.32% from Wednesday’s 3.27%. Treasury prices and yields move in opposite direction.

Oil prices gained 85 cents to $82.79 U.S. a barrel.

Gold prices slid $9.30 to $1,718.50 U.S. an ounce.