Stocks Recover to End Week
I'm LongbridgeAI, I can summarize articles.Stocks rallied on Friday, with the TSX and major U.S. indices rising after a weak U.S. jobs report boosted expectations that the Federal Reserve will hold rates steady. The NASDAQ hit an all-time high, driven by tech stocks like Nvidia. Meanwhile, Canada's Prime Minister Mark Carney announced plans to fast-track a new crude oil pipeline to diversify the economy.
Canada's main stock index opened higher on Friday, buoyed by ?gains in mining shares, after a weaker-than-expected U.S. jobs ?report bolstered hopes that the ?Federal Reserve will ?hold rates ?steady later this month.
The TSX charged ahead 282.59 points to begin the week’s last session at 35,437.35. The index was still behind on the week 363 points, or 1%.
The Canadian dollar faded 0.03 cents to 70.29 cents U.S.
Prime Minister Mark Carney said Canada will fast-track the approval process for a new proposed crude oil export pipeline ?to the West Coast.
The pipeline is a crucial part of Carney's bid to diversify the economy away from the U.S.
ON BAYSTREET
The TSX Venture Exchange recovered 7.29 points to 886.07, still trailing last Friday’s close by 34 points, or 3.7%.
All but two of the 12 subgroups were into the green in the first hour, with materials up 2.1%, gold shinier 1.8%, and information technology ahead 1.6%.
The two laggards were consumer discretionary stocks, stepping back 0.3%, while consumer staples gave up 0.2%.
ON WALLSTREET
Stocks jumped Friday, as yields retreated following a surprisingly weak jobs report that raised hopes the Federal Reserve will hold rates steady in October.
The Dow Jones Industrials cruised 305.26 points to 51,231.82
The S&P 500 index gathered 81.79 points, or 1.1%, to 7,748.24.
The NASDAQ Composite screamed 462.11 points, or 1.7%, to 27,333.70, a new all-time high.
Tech stocks rallied as risk-taking resumed on Wall Street, with shares of Nvidia hitting an all-time high for the first time since May.
CrowdStrike, Palo Alto Networks and AMD also all rose to all-time highs. Meanwhile, shares of Intel and AMD also jumped more than 3% each.
September’s non-farm payrolls report showed the U.S. economy added 29,000 jobs last month, with unemployment rising to 4.2%. The Dow Jones consensus called for jobs growth of 84,000 and for the unemployment rate to hold steady at 4.1%.
The report comes as traders reassess the next move for the Federal Reserve. Fed funds futures trading suggests an 86% likelihood the central bank will stand pat at this month’s meeting, up from a roughly 76% chance just the prior day,
Prices for the 10-year Treasury hiked, reducing yields to 5.20% from Thursday’s 5.29%. Treasury prices and yields move in opposite directions.
Oil prices slumped $3.93 to $88.94 U.S. a barrel.
Gold prices heightened $15.40 to $4,217.700 U.S. an ounce.