TSX Keeps Win Streak Rolling

Equities in Canada’s largest centre continued in a positive vein Thursday, powered largely by health and consumer stocks.

The TSX Composite index regained 50.73 points to end Thursday at 20,215.12.

The Canadian dollar shaved off 0.11 cents to 81.16 cents U.S.

In health-care stocks, Cronos Group popped 42 cents, or 4%, to $11.06, while rival Canopy Growth leaped $1.48, or 5.1%, to $30.52.

Consumer discretionary issues also were positive, with Spin Master hiking $1.69, or 3.7%, to $47.13, while Canada Goose jumped $1.55, or 3.1%, to $51.85.

Energy stocks also muscled up with PrairieSky Royalty gained 38 cents, or 2.5%, to $15.59, while Enerplus surfaced 22 cents, or 2.5%, to $9.16.

Real-estate concerns did not fare so well, with CT REIT down 34 cents, or 2%, to $16.51, while Killam Apartment REIT doffed 42 cents, or 2%, to $20.12.

Utilities slid, too, with Brookfield Renewable Partners dipping $1.09, of 2.3%, to $45.56, while Boralex lost 82 cents, or 2.1%, to $37.54.

In the communications field, Quebecor forked over a dime to $32.26, while Telus skidded nine cents to $27.49.

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 4.69 points to 950.59.

Eight of the 12 TSX subgroups were in the green by the closing bell, with health-care haler by 2.9%, consumer discretionary stocks better by 0.8%, and energy better by 0.5%..

The four laggards were weighed by utilities and real-estate, declining 0.4%, and communications skidding 0.2%.

ON WALLSTREET

Read:

• U.S. Infrastructure Deal Could Help Accelerate the EV Boom and Transition

• Demand for Mental Health Services Showing No Signs of Slowing

• Why Namibia Could Become The Biggest Oil Story of the Decade

• This is Why Investors are Paying Close Attention to Quebec’s Chapais Property

U.S. stocks jumped to session highs with the S&P 500 reaching an all-time high Thursday after President Joe Biden declared that the White House struck an infrastructure deal with a bipartisan group of senators.

The Dow Jones Industrials surged 322.58 points, or 1%, to 34,196.82.

The S&P 500 regained 24.65 points to 4,266.49, retaking its previous record on June 14, and fully recouping the losses triggered by the Federal Reserve’s surprise policy pivot.

The NASDAQ gathered 97.98 points to another all-time record of 14,369.71.

The infrastructure deal was expected to include more than $500 billion in new spending above the baseline set by Congress, much less than Democrats first proposed. Republicans have fought the president’s proposal to hike the corporate tax rate to 28% from 21%.

A broad group of stocks gained to push the benchmarks to new highs. Financials, energy and communication services were the best-performing sectors Thursday. Tesla added 3.5%, while Caterpillar jumped 2.6%.

Bank shares gained ahead of the Fed’s annual bank stress test results, which are scheduled for release after the bell on Thursday. Goldman Sachs shares rose about 2%, while JPMorgan gained nearly 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 21 cents to $73.29 U.S. a barrel.

Gold prices fell $9.30 to $1,774.10 U.S. an ounce.