More Gains for TSX on Commodities

Canada's resources-heavy stock index extended gains to hit a more than two-month high on Friday, as commodity prices rose after top consumer China eased some COVID-19 curbs.

The TSX Composite kept the wheels going, gaining 99.38 points, to pause for lunch Friday at 20,089.74.

The Canadian dollar acquired 0.29 cents to 75.31 cents U.S.

Altus Group soared $5.28, or 10.5%, to $55.40, after reporting strong third-quarter results, while Algonquin Power & Utilities fell $2.87, or 18.8% to $12.42, on a wider third-quarter loss.

Thomson Reuters was down 93 cents to $146.07, after saying it would buy U.S.-based tax automation software and services provider SurePrep LLC for $500 million in cash.

ON BAYSTREET

The TSX Venture Exchange moved up 5.25 points to 599.94.

Seven of the 12 TSX subgroups were positive, led by health-care, up 3.2%, energy, up 2.3%, health-care haler by 1.7%, and information technology better by 2.1%.

The five laggards were weighed most by utilities, down 2%, industrials, fading 1.2%, and consumer staples, off 0.6%.

ON WALLSTREET

The Dow Jones Industrials gave up 230.28 points to 33,657.81.

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The S&P 500 gained 10.77 points to 3,967.14.

The NASDAQ vaulted 116.17 points, or 1.1%, to 11,230.32.

All of the indexes are on pace for a winning week. The Dow is up 4% on a weekly basis, while the NASDAQ is up 7%. This week is a resumption of a comeback rally for the bear market which began in mid-October, but paused in recent weeks. The S&P 500 is now up nearly 14% from its bear market low, but still down 16% for the year.

Tech stocks on Friday shook off a decline in cryptocurrencies, which came under pressure Friday after FTX announced it’s filing for bankruptcy, and CEO Sam Bankman-Fried resigned. Bitcoin fell 6%, and ether declined more than 7%. Tech stocks and related crypto stocks rebounded after opening lower Friday.

Prices for the 10-year Treasury gained a bit of ground, lowering yields to 3.81% from Thursday’s 3.82%. Treasury prices and yields move in
opposite directions.

Oil prices climbed $1.69 to $88.16 U.S. a barrel.

Gold prices jumped $14.60 to $1,768.30 U.S. an ounce.