Friday, January 27, 2023

Tech stocks lift TSX as U.S. labor data calms rate hike fears - Business Recorder

Last updated Thursday, December 29, 2022 13:05 ET , Source: TopWireNews

Canada’s main stock index climbed on Thursday, with rate-sensitive technology and consumer discretionary stocks leading gains after U.S. data showed signs of a cooling labor market, easing worries of aggressive tightening by the Federal Reserve.
At 10:21 a.m. ET (15:21 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 182.77 points, or 0.95%, at 19,466.87.
Wall Street rose after data showed initial claims for state unemployment benefits rose 9,000 to a seasonally adjusted 225,000 for the week ended Dec. 24. Economists polled by Reuters had forecast 225,000 claims for the latest week.
Earlier this month, the Bank of Canada hiked its benchmark overnight interest rate by half a percentage point to the highest level in almost 15 years and signaled that its unprecedented tightening campaign was near an end.
All of the 10 major sectors were in the green, with technology stocks, up 2.4%, leading gains and on track for their best day this month.
BlackBerry and Shopify were among the top gainers in early trading.
Commodity-fueled gains earlier in the year have helped the benchmark TSX outperform the U.S. S&P 500 index so far this year, with Canadian stocks down 8.5% versus a 19.7% drop in the latter.
The TSX is on track for its first annual loss since 2018.
Consumer discretionary stocks rose 1.4% on Thursday, heading for their best session in more than a week if gains hold, while heavyweight financials added 1.0%.
Pot stocks such as Canopy Growth and Tilray...

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