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Stocks Stumble at End of Otherwise Strong Week
The TSX Composite Index slid 66.9 points to 22,308.93. On the week, however, the index sprinted 361 points, or 1.65%.
The Canadian dollar added 0.04 cents at 73.15 cents U.S.
Health-care was the biggest-gaining group Friday, with Sienna Senior Living galloping a dollar, or 7.1%, to $15.14.
Consumer staples was next best, with Jamieson Wellness popping $1.07, or 4.2%, to $26.77, while Metro hiked $1.36, or 1.9%, to $74.08.
In communications, Quebecor spiked 89 cents, or 3%, to $30.66, while Rogers took on 24 cents to $54.06.
On the negative side, Docebo took a pounding, $14.79, or 23.3%, to $48.68, while Bitfarms lost 15 cents, or 6%, to $2.37, among tech concerns.
In energy, Baytex Energy subsided 41 cents, or 8%, to $4.72, while Precision Drilling doffed $3.70, or 3.6%, to $97.88.
In real-estate, Altus Group surrendered $1.68, or 3.4%, to $48.10, while Allied Properties REIT units ditched 25 cents, or 1.5%, to $16.93.
On the economic calendar, Statistics Canada says the economy created 90,000 jobs in April, and the unemployment rate was unchanged at 6.1%.
ON BAYSTREET
The TSX Venture Exchange stepped forward 1.41 points to end the week at 597.36. Over the last five sessions, the index triumphed more than 15.6 points, or 2.69%.
Seven of the 12 TSX subgroups were positive by the close, with health-care stronger by 1.1%, consumer staples up 0.9%, and communications ahead 0.3%.
The five laggards were led by information technology, down 2.1%, energy, subsiding 1.2%, and real-estate, dipping 0.1%.
ON WALLSTREET
The Dow Jones Industrial Average rose on Friday, wrapping an eighth consecutive winning session and registering its best week of 2024.
The blue-chip index vaulted 125.08 points to 39,512.84, jumping more than 800 points on the week, or 2.1%.
The S&P 500 hung onto gains of 8.6 points to 5,222.68, for a gain on the week of 95 points, or 1.85%.
The NASDAQ turned lower 5.4 points to 16,340.87. On the week, the gain was 184, or 1.1%.
3M was the Dow’s best performer, as shares of the manufacturer rose about 1.6% on the back of an upgrade from HSBC.
Consumer sentiment data released Friday morning reflected a big uptick in inflation expectations, throwing some cold water on the market.
The preliminary May reading for the University of Michigan’s consumer sentiment index came in at 67.4, far below a Dow Jones estimate of 76 and marking its lowest reading in about six months.
Prices for the 10-year Treasury sagged, raising yields to 4.50% from Thursday’s 4.46%. Treasury prices and yields move in opposite directions.
Oil prices skidded 88 cents to $78.38 U.S. a barrel.
Gold prices hiked $30.00 to $2,370.30.
