Equities in Canada’s largest market opened higher on Friday after data showed the domestic economy expanded at a record pace in June, bolstering optimism around a post-coronavirus recovery.
The TSX regained 44.16 points in Friday’s first hour, to 16,775.65.
The Canadian dollar gained 0.23 cents to 76.43 cents U.S.
TD Securities raised target price Canadian Imperial Bank of Commerce to $120.00 from $110.00. Commerce shares acquired 64 cents to $104.65.
National Bank of Canada raised the target price Toronto-Dominion Bank to $71.00 from $68.00. TD shares inched up seven cents to $66.47.
In the economic area, Statistics Canada reported GDP fell 11.5% in the second quarter, following a 2.1% decline in the first quarter.
However, GDP grew 6.5% in June, the largest monthly increase since the series started in 1961.
ON BAYSTREET
The TSX Venture Exchange gained 7.9 points, or 1.1%, to 739.86.
Seven of the 12 TSX subgroups were lower in the hour, with consumer staples, real-estate and utilities each slumping 0.6%.
The five gainers were led by gold, ahead 2.1%, materials, jumping 1.5%, and information technology, prospering 0.6%.
ON WALLSTREET
Stocks rose on Friday to wrap up another strong week as the Dow Jones Industrial Average tried to erase its losses of 2020.
The Dow Jones Industrial Average gathered 106.93 points to lead off Friday at 28,599.20.
The S&P 500 gained 7.54 points to 3,492.09.
Walmart and Microsoft led the way for the Dow, rising more than 1% each. Tech was the best-performing sector in the S&P 500, rising 0.6%.
The NASDAQ Composite gained 80.34 points to 11,706.18.
Friday’s gains put the Dow on track to close in positive territory for the year. The last time the Dow sported a year-to-date gain was in late February, when it traded around an all-time high. Entering Friday’s session, the Dow was just 3.6% below its record.
For the week, the major averages entered the session up at least 2%. Both the S&P 500 and NASDAQ were on pace to post five-week winning streaks. The Dow, meanwhile, was headed for its third weekly gain in four weeks.
On the data front, U.S. consumer spending rose 1.9% in July, topping a Reuters forecast of a 1.5% gain. Personal income was also stronger than expected, rising 0.4% while economists had forecast a drop of 0.2%.
Prices for the 10-Year Treasury eked ahead, lowering yields to 0.72% from Thursday’s 0.74%. Treasury prices and yields move in opposite directions.
Oil prices loosened five cents to $42.99 U.S. a barrel.
Gold prices spiked $35.20 to $1,967.80 U.S. an ounce.