Equities in Canada’s largest centre carried the positive momentum through to Friday’s closing bell, behind the strength of tech and health-care stocks
The TSX Composite powered ahead 119.08 points to close Friday at 19,471.19. On the week, the gain was 611 points, or 3.2%
The Canadian dollar moved back 0.23 cents to 73.49 cents U.S.
Techs led the parade, Coveo Solutions leading techs, up 26 cents, or 5%, to $5.50, while Tecsys took on $1.61, or 5.6%, to $30.32.
Among cannabis concerns., Canopy Growth sprawled 21 cents, or 5.2%, to $4.28, while Tilray gained 15 cents, or 3.1%, to $4.96.
Consumer discretionary had a banner day, as well, as Canada Goose Holdings took flight 92 cents, or 4%, to $23.67, while BRP Inc. heightened $2.27, or 2.5%, to $93.61.
Materials sagged, however, as Teck Resources got bruised $3.64, or 7.9%, to $42.35, while First Quantum Minerals retreated $1.01, or 4%, to $24.57.
In communications, Shaw was pasted $2.29, or 6.3%, to $33.97, while Rogers lost 41 cents to $56.94, after the two companies failed to mediate their differences with the Competition Bureau over a merger deal.
Energy lost some of its glamour by the close, with Peyto Exploration sliding 40 cents, or 3.2%, to $12.00, while Crescent Point Energy gave back 41 cents, or 3.8%, to $10.34.
On the economic front, Statistics Canada said real gross domestic product edged up 0.1% in August, led by services-producing industries.
The TSX Venture Exchange reversed 3.26 points Friday to 596.93, but pulled ahead 3.8 points over the last five sessions.
Eight of the 12 TSX subgroups were positive by the close, as information technology stormed ahead 1.8%, while health-care and consumer discretionary each gained 1.5%.
The four laggards were weighed most by materials, down 1%, while communications lost 0.7%, and energy was 0.4% less energetic.
Stocks rose on Friday despite a tumble in Amazon shares after economic data pointed to slowing inflation and a steady consumer.
The Dow Jones Industrials leaped 828.52 points, or 2.6%, to 32,861.80.
The 30-stock index was up 5.7% this week in its best performance since May. It was also on track for its best month since January 1976.
The S&P 500 climbed 93.76 points, or 2.5% to 3,901.06.
The NASDAQ jumped 309.78 points, or 2.9%. to 11,102.45.
The S&P 500 leaped 3.9% and the NASDAQ is up 2.2% for the week.
The stock market has fractured this week as investors dumped technology shares following weak results and outlooks from Microsoft,
Alphabet and Meta and rotated into economically sensitive stocks that will benefit if the U.S. economy can skirt a recession.
Amazon plunged by 6.8% after the company posted weaker-than-expected quarterly revenue and issued disappointing fourth-quarter sales guidance Thursday. Apple shares ended Friday up 7.5%. The tech giant reported weaker-than-anticipated iPhone revenue on Thursday, but beat Wall Street estimates for quarterly earnings and revenue.
Apple and other more positive performers, like Intel, have given investors footholds within what some see as a particularly tumultuous tech sector. Experts said the market was also boosted by oil giants Chevron up about 1.2% and Exxon Mobil, increasing 2.9%, after both reported beating expectations before the bell.
The market got a boost after the core personal consumption expenditures price index in September increased 0.5% from the previous month and 5.1% from a year ago, still high but mostly in-line with expectations.
This is the preferred gauge of inflation for the Federal Reserve. Personal spending rose 0.6%, more than expected, the data showed.
Treasury prices faded, raising yields to 4.01% from Thursday’s 3.92%. Treasury prices and yields move in opposite directions.
Oil prices sagged 87 cents to $88.21 U.S. a barrel.
Gold prices dipped $18.00 to $1,647.60 U.S. an ounce.