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Stocks Barrel Forward
The TSX gained 94.32 points Thursday at 19,913.17.
The Canadian dollar nosed up 0.03 cents to 75.48 cents U.S.
Health-care concerns pointed the way upward for the index Thursday, with Bausch Health Companies soaring 23 cents, or 2.3%, to $10.31, while Tilray climbed five cents, or 2.4%, to $2.14.
In energy stocks, Baytex Energy jumped 15 cents, or 3.4%, to $4.30, while Precision Drilling triumphed $2.08, or 3.4%, to $63.90.
Gold shone brighter, mostly Kinross Gold, improving 20 cents, or 3.3%, to $6.31, while Wesdome Gold ascended 21 cents, or 3.2%, to $6.75.
Among tech stocks, Softchoice floundered 30 cents, or 1.8%, to $16.85, while Dye & Durham handed over 28 cents, or 1.6%, to $17.73.
Statistics Canada revealed the number of employees receiving pay or benefits from their employer—measured as "payroll employees" in the Survey of Employment, Payrolls and Hours—decreased by 25,100 (-0.1%) in April, excluding federal government public administration.
ON BAYSTREET
The TSX Venture Exchange regained 1.13 points to 613.02.
All but three of the 12 TSX subgroups were headed upward, with health-care hiking 1%, energy rumbling 0.9%, and gold better by 0.8%.
The lone laggard proved to be information technology, sagging 0.2%.
ON WALLSTREET
The Dow Jones Industrial Average rose on Thursday as big bank names gained after passing the Federal Reserve’s annual stress test, and a revised upward GDP print alleviated some recession fears on Wall Street.
The 30-stock index shot higher 269.76 points to conclude Thursday at 34,122.42, lifted by major bank names.
The S&P 500 gained 19.58 points to 4,396.44.
The NASDAQ index dipped 0.42 points to 13,591.33.
JPMorgan Chase, Goldman Sachs and Wells Fargo each rose more than 3% a day after the central bank said all 23 institutions included in its annual stress test are well capitalized to weather a severe recession scenario. Other financial stocks that took a hit during this year’s banking crisis also gained, including Charles Schwab, Western Alliance and Zions Bancorporation
A bout of positive economic data signaled economic resilience despite looming recession fears. That included a large upward revision in first-quarter GDP and drop in weekly jobless claims to the lowest level since May.
Just two trading days remain in what’s been a banner first half. The S&P 500 is up 14.5% this year and on pace for its best monthly performance since January. The tech-heavy NASDAQ has climbed nearly 30% — heading toward its best first half since 1983 — as rising optimism around artificial intelligence pushed up a slew of tech names and chipmakers. The blue-chip Dow is the relative underperformer, up just 2.9% this year.
Prices for the 10-year Treasury went earthward, propelling yields higher to 3.84% from Wednesday’s 3.71%. Treasury prices and yields move in opposite directions.
Oil prices recovered 26 cents to $69.82 U.S. a barrel.
Gold prices faltered six dollars to $1,916.20 U.S. an ounce.
