Stocks in Canada’s largest market gained ground to begin the week’s last session, as health-care and industrial concerns flourished with markets’ attention turned to U.S. Fed Chair Jerome Powell’s speech at the Jackson Hole gathering, in hopes for more clues on interest rates path.
The TSX recovered 49.16 points to kick off Friday at 19,824.99.
The Canadian dollar wilted 0.07 cents to 73.53 cents U.S.
TD Bank Group on Thursday said it expects fines and “non-monetary” penalties related to investigations by U.S. authorities over its anti-money laundering compliance program after the country’s second-largest bank missed profit estimates.
Investors will focus on Canada’s big bank earnings slated for next week as they look to assess the health of the financials sector, which is the biggest constituent of the benchmark stock index.
The TSX Venture Exchange regained 0.49 points to 584.62.
All but two of the 12 TSX subgroups were positive in the first hour, with health-care soaring 0.8%, while communications and industrials each gathered 0.5%.
The two laggards proved to be gold, dulling 0.2%, and materials, settling 0.02%.
U.S. stocks gained on Friday ahead of a keenly awaited speech by Federal Reserve Chair Jerome Powell at the Jackson Hole summit that could indicate the central bank’s interest rate move at its next meeting in September.
The Dow Jones Industrials gained 176.77 points to commence the last session of the week at 34,276.19.
The S&P 500 index recovered 28.07 points to 4,404.38.
The NASDAQ index surged 111.26 points to 13,575.23.
Shares of Marvell Technology fell 5.4% after the chipmaker posted a fall in second-quarter revenue, hit by a weak enterprise market.
Shares of Gap rose 4.0% after the company beat second-quarter profit estimates, while Nordstrom slipped 4.1% after the department store chain left its forecasts unchanged.
Hawaiian Electric dropped 19.1% after the county of Maui sued the power company and S&P downgraded its credit rating amid scrutiny over its role in the Maui wildfires.
Prices for the 10-year Treasury were stronger, lowering yields to 4.22% from Thursday’s 4.24%. Treasury prices and yields move in opposite directions.
Oil prices picked up 97 cents to $80.82 U.S. a barrel.
Gold prices sagged $4.50 to $1,942.60 U.S. an ounce.