Staples, industrials carry day
WEEKLY MARKET WRAP UP
The S&P/TSX composite index was up 38.72 points to end the day and week at 14,838.90
The Canadian dollar faded
Consumer staples were particularly strong Friday, what with a 3% hike by food producer Saputo to
Industrials also flexed their muscles, as Air Canada responded warmly to a series of upgrades and soared 6.2% to
Shares of energy producers added strength, as Suncor Energy climbed 0.9%% to
Financials were up slightly, with Toronto Dominion Bank gaining 0.5% to
Goldcorp lost 1.3% to
On matters macroeconomic, Statistics Canada reported that the Canadian economy produced 26,000 jobs in May, driven by gains in part-time work. But as more people entered the job market, unemployment rate was bumped up 0.1 percentage points to 7%.
Eight of the 14 Toronto subgroups were higher, led by consumer staples and industrials, each springing to life 1.3%, while information technology progressed 0.7%.
The half-dozen laggards were weighed mostly by metals and mining, down 1.9%, while utilities lost 1.1%, and telecoms faded 0.9%.
The market got a big lift after a stronger-than-expected jobs report this morning, a lift that continued all through the day.
The Dow gained 88.17 points, on top of yesterday's near-100-point hike, to conclude the first week of June at 16,924.28, a new all-time high
The S&P 500 added 8.98 points to 1,949.44 – also a new peak for that index -- and the NASDAQ composite index took on 25.17 points, to 4,321.40
This week has been a strong one overall for the markets. All three of the major indexes gained at least 1%. The NASDAQ is up over 1.7% as tech stocks continue to rebound from the spring selloff.
Friday marked the last trading day before Apple's seven-for-one stock split goes into effect. The stock is trading around
The move doesn't change anything about the company, except making it easier for average investors to buy the stock. But Friday, shares were flat.
Crumbs Bake Shop said in its latest quarterly report that it was facing bankruptcy and was practically a penny stock at
In other snacks news, Diamond Foods shares have fallen about 12%. Diamond, the company behind Emerald Nuts and Pop Secret, is out of favor with investors after delivering poor earnings and mediocre sales in its quarterly filing yesterday.
Bank of America is on the verge a deal with the
Amazon, in the midst of a tiff over book publication rights with Hachette, was up about 1.7%. The stock has rallied since unveiling a YouTube video to tout a new product launch on
Mining company Joy Global is leading the S&P 500 today with a 4.5% bounce. The company reported strong earnings yesterday and could stand to benefit from an improving global economy.
Economically speaking, the
That's not as much as the 282,000 jobs created in April, but it's enough to get America back to where the labour market was before the recession. The unemployment rate also held steady for May at 6.3%.
Prices for 10-year U.S. Treasuries dropped, raising yields to 2.60% from Thursday's 2.58%. Treasury prices and yields move in opposite directions
Oil prices gained
Gold prices were unchanged at