Stocks in Canada reversed earlier losses Friday, and came out ahead by the closing bell, putting suspense behind them over world events conducted out of Washington’s Oval Officer.
The TSX Composite Index gained 265.26 points, or 1.1%, to close out the week and month at 25,393.45. Over the last five sessions, the index grabbed 246 points, or nearly a full percentage point.
After surging more than 3% in January, the index is heading toward a more-than-1% loss in February.
The Canadian dollar dropped 0.12 at 69.11 cents U.S.
In corporate news, Laurentian Bank reported first-quarter profit above analysts’ estimates. Laurentian shares lost 97 cents, or 3.5%, to $26.78.
Elsewhere in financials, Royal Bank surged $3.64, or 2.2%, to $170.16, while shares in TMX tacked on 80 cents, or 1.6%, to $51.05.
Information technology stocks led the declines, driven by a drop of $8.02, or 14.9%, to $45.83, for Docebo after the learning platform reported fourth-quarter results.
On the flip side, industrials gained 0.2%, driven by a gain of $2.50, or 4%, for waste management company GFL Environmental, to $64.68, after TD Cowen raised target price on the stock.
Consumer staples were also in the plus column, as George Weston surged $3.28, or 1.4%, to $231.13, while Loblaw Companies popped $3.06, or 1.6%, to $189.44.
On the economic calendar, Statistics Canada says this country’s GDP increased 0.6% in the fourth quarter, after rising 0.5% in the third quarter.
Growth in the fourth quarter was driven by higher household final consumption expenditures and increased exports and business investment.
ON BAYSTREET
The TSX Venture Exchange lost 1.2 points to end the week at 614.64, for a header on the week of 20 points, or 3.16%.
Gainers outnumbered losers seven- to five among the 12 subgroups, as industrials rocketed 1.1%, while consumer staples and financials each moved ahead 0.9%/
The five laggards were weighed most by information technology, down 1.3%, while health-care gave up 1.1% and telecoms lost 0.5%.
ON WALLSTREET
Stocks managed to rise Friday to wrap up a volatile week and a losing month for the major averages.
The Dow Jones Industrials rocketed 601.41 points, or 1.4%, to 43,840.91
The S&P 500 index recovered 92.93 points, or 1.6%, to 5,954.50
The NASDAQ Composite gained 302.86 points, or 1.6%, to 18,847.28.
Friday’s trading session saw a brief pullback after President Donald Trump and Ukraine President Volodymyr Zelenskyy’s clashed in the Oval Office, which raised concerns about heightened geopolitical risks.
Month to date, the NASDAQ has led the way down, sliding around 4.9% in February due largely to a 4.4% drop this week. The technology-heavy NASDAQ is on pace for its worst month since September 2023.
The S&P 500 has declined 1.7% for the week and around 2.2% in February. The broad market index is on track for its worst week since September 2024, and biggest monthly decline since April 2024.
Meanwhile, the Dow has managed to outperform, rising 0.3% during the week. Month to date, however, the 30-stock index has dropped 2.2%.
The major benchmarks turned negative for a short period on Friday after Trump, along with Vice President JD Vance, argued with Zelenskyy during an extraordinary moment in front of the media at the White House.
The leaders met Friday regarding a possible Ukraine mineral rights deal for the U.S., which investors hoped would be a precursor to eventually bringing about an end to the war with Russia.
The latest PCE reading showed that inflation eased slightly in January, according to a report from the Commerce Report. The PCE price index, which is the Federal Reserve’s preferred inflation measure, increased 0.3% for the month and 2.5% on an annual basis.
Investors have been rattled in recent days by President Donald Trump’s promise of tariffs and recent economic reports flashing warning signs. A decline of 8.5% in megacap tech titan Nvidia in Thursday’s session the back of earnings threw more cold water on investor sentiment.
Prices for the 10-year Treasury popped, lowering yields to 4.21%, compared to Thursday’s 4.28%. Treasury prices and yields move in opposite directions.
Oil prices slid 88 cents to $73.16 U.S. a barrel.
Prices for gold faded $31.00 an ounce to $2,864.90 U.S.
Stocks Stage Comeback Following Trump-Zelenskyy Dust-up
