September 17, 2021

The losing streak ended for stocks in Toronto Friday, as technology and real-estate led an upward journey to end a run of six straight downward sessions.

The TSX/S&P Composite gained 123.66 points to close Friday at 20,339.02. However, it was still a rough week, with a loss of 187 points, or 0.87%.

The Canadian dollar doffed 0.13 cents to 77.81 cents U.S.

Technology led all subgroups Friday, with Hut 8 Mining advancing 55 cents, or 7%, to $8.46, while Lightspeed POS jumping $4.24, or 3.7%, to $119.95.

In real-estate, Colliers International Group climbed $4.34, or 2.6%, to $168.68, while Canadian Apartment Properties REIT units made $1.35 worth of headway, or 2.3%, to $60.85.

Among utilities, Altagas took on 57 cents, or 2.3%, to $25.46, whjile Brookfield Renewable Partners moved up $1.29, or 2.6%, to $50.09.

On the economic ledger, Statistics Canada reported new home prices in Canada grew at their slowest pace since last December.

Elsewhere, retail sales were up 4.2% to $56.2 billion in June. The agency said sales were up in eight out of 11 sub-sectors, led by higher sales at clothing and clothing accessories stores.

ON BAYSTREET

The TSX Venture Exchange regained 3.35 points to 864.51, to hand back 58.5 points on the week, or 6.34%.

All 12 TSX subgroups were positive on the session, with information technology boosted by 1.2%, real-estate surging 1.1%, and utilities up 0.9%.

ON WALLSTREET

Major U.S. stock averages rebounded Friday, but closed the week in red amid fears of the Federal Reserve pulling back its stimulus.

The Dow Jones Industrials popped 225.96 points to 35,120.08.

The S&P 500 tacked on 35.87 points to 4,441.67.

The NASDAQ Composite gained 172.88 points, or 1.2%, to 14,714.66.

All three major stock indexes finished the week lower. The Dow dipped 1.1% this week, while the S&P 500 shed 0.6% and the NASDAQ moved 0.7% lower.

Technology stocks traded in the green Friday, providing the market with support. Microsoft, Cisco and Salesforce were among the biggest winners in the Dow as investors snapped up tech stocks amid concerns about slowing economic recovery. Chip stocks rose, with Nvidia leading gains in the Nasdaq Composite.

Tesla shares added 1% after Elon Musk’s electric car maker had an AI day, where it unveiled a new custom chip and plans to build a humanoid robot. The stock closed the week 5.2% lower as investors worried about growth in China, one of the electric vehicle maker’s key markets.

This week, WTI crude oil tumbled 9.5%, taking energy stocks with it. Diamondback Energy and Valero Energy sunk 9.9% and 9.1%, respectively, on the week.

Fed officials are set to gather for their annual meeting in Jackson Hole, Wyo., next week. Market participants will be awaiting insights into the Fed’s “taper talks” as many central bankers aim to move away from easy policy.

Prices for 10-Year Treasurys lost ground, raising yields to 1.26% from Thursday’s 1.24%. Treasury prices and yields move in opposite directions.

Oil prices slipped $1.44 to $62.25 U.S. a barrel.

Gold prices eked up 50 cents to $1,783.60 U.S. an ounce.

Source link