Strong company earnings helped push Canada’s resource-heavy main stock index higher on Friday, while data showing Canadian economy grew beyond the Bank of Canada’s projection boosted expectations of another major hike in September.
The TSX finally snapped its three-month slump, up 4 per cent this month, supported by a rally in crude prices, strong earnings, and a recovery in many industrial and technology stocks.
Meanwhile on Wall Street, all three of its main indexes saw their second straight weekly gain at the end of a jam-packed week.
Positive forecasts from Amazon and Apple highlighted resilience in mega-cap companies to survive an economic downturn, with hopes a less intense monetary policy could boost investor initiative.
Today in the Markets
The Canadian dollar traded for 78.03 cents US compared to 78.02 cents US on Thursday.
US crude futures traded 2.25 per cent higher at $98.59 a barrel, while the Brent contract gained 2.68 per cent to $110.00 a barrel.
The price of gold was up US$5.84 to US$1,761.30.
In world markets, the Nikkei was down 13.84 points to 27,801.64, the Hang Seng was down 466.17 points to 20,156.51, the FTSE was up 82.82 points to 7,428.07, and the DAX was up 195.86 points to 13,477.97.
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