June 23, 2024

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Canadian Stocks Extend Winning Streak To Five Days

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Canadian stocks have moved sharply higher during trading on Friday, with the benchmark S&P/TSX Composite Index closing higher for the fifth consecutive session.

The S&P/TSX Composite Index surged 198.51 points or 1.0 percent to 19,824.85, climbing further off last Friday’s one-year low to reach its best closing level in well over a month. The index soared by 5.8 percent for the week.

The extended rally by Canadian stocks reflected a positive reaction to a Labor Department report showing U.S. employment rose by less than expected in the month of October.

The closely watched report said employment climbed by 150,000 jobs in October after jumping by a downwardly revised 297,000 jobs in September.

Economists had expected employment to increase by 180,000 jobs compared to the surge of 336,000 jobs originally reported for the previous month.

The Labor Department also said the unemployment rate crept up to 3.9 percent in October from 3.8 percent in September. The unemployment rate was expected to remain unchanged.

The data added to optimism the Federal Reserve is done raising interest rates after the central bank left rates unchanged for the third time in four meetings earlier this week.

In Canadian economic news, Statistics Canada released a report showing Canadian employment edged up by 18,000 jobs in October.

The report also said the Canadian unemployment rate rose to 5.7 percent in October from 5.5 percent in September, marking the fourth monthly increase in the past six months.

Statistics Canada said job growth in the construction and information, culture and recreation sectors was offset by decreases in jobs in the wholesale and retail trade and manufacturing sectors.

Interest rate-sensitive real estate stocks are seeing substantial strength on the day, resulting in a 3.0 percent spike by the S&P/TSX Capped Real Estate Index.

Significant strength was also visible among healthcare stocks, as reflected by the 2.7 percent surged by the S&P/TSX Capped Health Care Index.


2023-11-03 16:23:02

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