Canada's main stock index opened higher on Friday, buoyed by investor optimism across global markets after the United States passed a bill to lift its debt ceiling.
The TSX grew 140.91 points to begin Friday at 19,813.16
The Canadian dollar eked higher 0.09 cents to 74.46 cents U.S.
Suncor Energy will reportedly cut 1,500 jobs by the end of this year as it aims to reduce costs and improve its financial performance. Suncor shares opened 23 cents higher in Toronto, to $38.77.
TD Securities turned bearish on powersport vehicle manufacturer BRP Inc. Further, the brokerage lifted its rating on Lundin Mining Corp to "buy" from "hold". BRP shares climbed 44 cents to $95.57, while Lundin Mining shares hiked 46 cents, or 4.8%, to $10.09.
The TSX Venture Exchange leaped 2.11 points to 608.12.
of the 12 TSX subgroups pointed up on the day, led by gold, up 2.2%, materials, stronger by 1.8%, and energy, better by 1.3%.
Stocks rose Friday as traders parsed the May jobs report and cheered lawmakers passing a debt ceiling bill that averts a U.S. default.
The Dow Jones Industrials popped 411.6 points, or 1.2%, to begin the week’s last session at 33,473.17.
The S&P 500 took on 33.73 points to 4,254.75, while the tech-heavy NASDAQ index advanced 50.73 points to 13,151.71.
The major averages were higher for the week. The S&P 500 took on 1.3%, and NASDAQ has hiked 1.5%. The Dow’s Friday advance pushed it into positive territory, up 1.3% week to date. The NASDAQ is on pace to end its sixth straight week higher, a streak length not seen for the technology-heavy index since 2020.
Non-farm payrolls grew much more than expected in May, rising 339,000 despite economists polled by Dow Jones expecting a relatively modest 190,000 increase. It marked the 29th straight month of positive job growth.
Recent strong jobs report have pressured stocks on the notion that the resilient labour market will keep the Federal Reserve in hiking mode. But the stock market seemed to like Friday’s numbers, perhaps concentrating on a wage increase that showed lighter-than-expected inflation and an unemployment rate that ticked higher.
Lululemon shares popped 14% on strong results and a guidance boost, while MongoDB surged more than 30% on a blowout forecast.
Prices for the 10-year Treasury sagged, raising yields to 3.67% from Thursday’s 3.60%. Treasury prices and yields move in opposite directions.
Oil prices jumped $1.81 to $71.91 U.S. a barrel.
Gold prices tailed off $16.40 to $1,979.10 U.S. an ounce.