Tech, industrial stocks help lift S&P/TSX composite, U.S. stock markets up slightly
TORONTO –
Strength in know-how and industrial shares helped Canada’s primary inventory index creep increased on Friday, whereas U.S. inventory markets rose barely on the ultimate day of buying and selling for the week.
The S&P/TSX composite index was up 62.46 factors at 20,693.15.
In New York, the Dow Jones industrial common was up 22.34 factors at 33,808.96. The S&P 500 index was up 3.73 factors at 4,133.52, whereas the Nasdaq composite was up 12.90 factors at 12,072.46.
Colin Cieszynski, chief market strategist at SIA Wealth Management, mentioned Canadian shares benefited from a weaker Canadian greenback on Friday.
“All else being equal, if the Canadian dollar goes down the TSX tends to go up because a lot of stocks are inter-listed in the States,” he mentioned.
The Canadian greenback traded for 73.86 cents US, in contrast with 74.24 cents US on Thursday.
Cieszynski famous that “currency is part of the story, but it’s not the whole story.” He mentioned supplies shares had been down on Friday, possible because of commodity costs.
“But if I look at major sectors, overall, the firm majority of them are up,” he mentioned. “Most of the market’s actually doing pretty good today.”
The June crude contract was up 50 cents at US$77.87 per barrel and the June pure gasoline contract was down two cents at US$2.41 per mmBTU (million British thermal items).
The June gold contract was down US$28.60 at US$1,990.50 an oz and the May copper contract was down 5 cents at US$3.98 a pound.
Cieszynski mentioned he is additionally maintaining a tally of U.S. earnings season, which is about to ramp up subsequent week.
“Not too many barn burners, but not too many huge disappointments either,” he mentioned.
“The next two, three weeks are the heart of earnings season. We’re just going to get a flood of results. So really, that’s the big story moving forward for the near term.”
This report by The Canadian Press was first revealed April 21, 2023.
