Stock markets in Toronto brightened considerably Thursday, with health-care issues leading the charge, as the outlook on world events improved amid hope the U.S. and China could soon forge a trade deal
The TSX Composite Index surged 254.85 points, or 1.1%, to close Thursday to 24,727.53
The Canadian dollar eked higher 0.12 cents to 72.19 cents U.S.
Teck Resources beat first-quarter expectations, helped by higher commodity prices and copper sales volumes. Teck shares prospered $1.79, or 3.7%, to $50.16.
Elsewhere, electronics manufacturer Celestica accumulated $4.87, or 4%, to $127.36.
Health-care stocks advanced, buoyed by cannabis producer Tilray Brands, which took on seven cents, or 11.5%, to 68 cents. Bausch Health Companies moved forward 34 cents, or 4.7%, to $7.52.
In gold issues, Sandstorm Gold advanced 27 cents, or 2.4%, to $11.77, while Novagold grabbed 42 cents, or 6.5%, to $6.89.
Consumer staples took a downward turn, with Alimentation Couche-Tard dropping 90 cents, or 1.2%, to $72.25, while Metro lost $1.33, or 1.3%, to $102.46.
In telecoms, BCE dived 36 cents, or 1.2%, to $30.48, while Telus let go of seven cents to $20.84.
On the economic agenda, Statistics Canada reports the number of employees receiving pay and benefits from their employer—measured as “payroll employment” in the Survey of Employment, Payrolls and Hours—decreased by 49,000 (-0.3%) in February, following an increase of 14,400 (+0.1%) in January.
On a year-over-year basis, payroll employment was up 124,300 (+0.7%) in February.
ON BAYSTREET
The TSX Venture Exchange popped 14.92 points, or 2.4%, to 650.35.
All but two of the 12 subgroups were higher by the close, led by health-care, rocketing 4.5%, information technology, popping 2.4%, and gold, better by 1.3%.
Consumer staples failed to move into the green, slumping 0.3%, likewise, telecoms, off 0.2%.
ON WALLSTREET
Stocks popped Thursday thanks to strong gains in mega-cap tech names, as investors continued to look for signs of progress on the global trade front.
The Dow Jones Industrials soared 486.65 points, or 1.2%, to 40,093.22
The S&P index climbed 108.92 points, or 2%, to 5,484.78
The NASDAQ Composite popped 457.99 points, or 2.7%, to 17,166.04
Shares of Nvidia, Meta, Amazon, Tesla and Microsoft each traded higher. Tech has been rocked recently as the White House’s increasingly confrontational trade stance, particularly against China, dents sentiment on the sector.
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The S&P 500 has slipped 3.5% since April 2, the day Trump announced his new policy on U.S. imports. Since then, the Dow has declined 5.3%, while the NASDAQ has lost 2.8%.
China said overnight that there were no trade talks taking place with the U.S., with Ministry of Commerce spokesperson He Yadong adding that “all sayings” regarding progress on bilateral talks should be dismissed. He also called for the cancelation of “unilateral” tariffs.
Those remarks came after President Donald Trump said he is willing to take a less confrontational approach toward trade talks with Beijing. Further, Treasury Secretary Scott Bessent said Wednesday that the U.S. has the “opportunity for a big deal” on trade. Chinese imports are subject to a U.S. tariff of 145%.
Prices for the 10-year Treasury gained ground Thursday, lowering yields to 4.31% from Wednesday’s 4.38%. Treasury prices and yields in opposite directions.
Oil prices jumped 38 cents to $62.65 U.S. a barrel.
Prices for gold jumped $62.00 to $3,342.90 U.S.
Indexes Hike, Fueled by Tech Gains