TSX Continues in the Green

Canada's main stock index rose on Thursday as mining stocks tracked bullion prices higher, while government data showed that domestic wholesale trade most likely rose in May.

The TSX Composite index regained 66.96 points to near noon hour EDT Thursday at 20,231.35.

The Canadian dollar shaved off 0.19 cents to 81.07 cents U.S.

The largest percentage gainers on the TSX were Westport Fuel Systems, which jumped 3.8%, and Magna International, which rose 3.3% after Goldman Sachs upgraded the auto parts maker's stock.

Wesdome Gold Mines fell 1.9%, the most on the TSX, and the second biggest decliner was lithium miner Lithium Americas, down 1.6%.

In the economic docket, Statistics Canada reported the number of employees receiving pay or benefits from their employer—measured in SEPH as payroll employment—increased by 166,900 (+1.0%) in April.

Export Development Canada's Trade Confidence Index jumped 19% from end-2020 to mid-2021, the agency declaring the hike largest six-month increase since the survey began in 1999.

ON BAYSTREET

The TSX Venture Exchange gathered 3.08 points to 948.98

Eight of the 12 TSX subgroups were in the green by midday, with health-care haler by 3%, information technology growing 0.9%, and consumer discretionary stocks better by 0.6%.

The four laggards were weighed by energy, utilities and real-estate, each retreating 0.2%.

ON WALLSTREET

The S&P 500 climbed on Thursday, surpassing its record high set a week ago as the market fully recovered losses triggered by the Federal Reserve’s surprise policy pivot.

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The Dow Jones Industrials came off its highs of the morning, but remained ahead 217.87 points to 34,092.11.

The S&P 500 regained 22.47 points to 4,264.31, retaking its previous record on June 14.

The NASDAQ climbed 113.92 points, or 1%, to another intraday record of 14,385.65.

A broad group of stocks gained to push the benchmarks to new highs. Communication services, consumer discretionary, health care and tech were the best-performing sectors. Tesla added more than 4%, while GM and Caterpillar each gained about 1%.

The blue-chip Dow suffered its worst week since October with a 3.5% loss last week after the Fed heightened inflation expectations and forecast rate hikes as soon as 2023. Economic comeback plays led the market losses as investors bet on slower growth amid the central bank’s hawkish sentiment. The S&P 500 fell 1.9% last week.

Data out Thursday showed jobless claims totaled 411,000 for the week ended June 19, higher than an estimate of 380,000 from economists polled by Dow Jones.

Prices for 10-Year Treasurys were unchanged, maintaining yields at Wednesday’s 1.49%. Treasury prices and yields move in opposite directions.

Oil prices regained 29 cents to $73.37 U.S. a barrel.

Gold prices sagged $2.20 to $1,781.20 U.S. an ounce.

S&P Regains Strength Lost in Last Week’s Swoon