Canada’s main stock index found its way upward toward noon on Friday as domestic GDP data and U.S. inflation numbers sparked optimism of an outsized interest rate cut in both countries.
The TSX Composite Index reattached 19.24 points to move into Friday afternoon at 24,053.08. On the week, so far, the index has advanced 186 points, or 0.8%.
The Canadian dollar deleted 0.08 cents to 74.12 cents U.S.
Blackberry beat analysts’ second-quarter revenue expectations and recorded breakeven adjusted operating income and earnings per share. BlackBerry shares got tagged 26 cents, or 7.5%, to $3.19.
In the economic docket, July’s GDP rose 0.2% as increases in both services-producing industries and goods-producing industries drove the growth.
ON BAYSTREET
The TSX Venture Exchange slid 6.22 points, or 1.1%, to 588.11. Over the last five sessions, the index has added three points, or 0.5%.
All but three of the 12 TSX subgroups were higher, with energy up 1.6%, consumer discretionary hurtling 1.2% higher and consumer staples better by 0.6%.
The three laggards were weighed gold, dulling in price 1.9%. materials, sliding 1.4%, information technology, caving 0.8%,
ON WALLSTREET
The Dow Jones Industrial Average climbed to a fresh record on Friday as traders digested new data that pointed to further progress in lowering inflation. Wall Street was also headed for solid weekly gains.
The blue-chip index ballooned 422.26 points, or 1%, to 42,597.37
The S&P 500 index hiked 7.33 points to 5,752.70
The NASDAQ Composite retreated 36.37 points to 18,153.92. The technology-heavy index’s gains were kept in check by a more than 2% decline in Nvidia
The three major indexes are higher for the week, with the S&P 500 up nearly 1% and the Dow on pace to rise 0.5%. The NASDAQ is on track for a roughly 1.5% week-to-date advance.
Traders also received encouraging inflation data that could give the central bank more reason to confidently cut interest rates further. August’s personal consumption expenditures price index — the Federal Reserve’s favored measure of inflation — increased 0.1%, matching expectations from economists polled by Dow Jones. PCE increased 2.2% at an annualized pace, below the 2.3% forecast.
Prices for the 10-year Treasury gained ground yields to 3.77% from Thursday’s 3.80%. Treasury prices and yields move in opposite directions.
Oil prices dipped 11 cents at $67.56 U.S. a barrel.
Gold prices flopped $21.10 to $2,673.50 U.S. an ounce
