Blow-out jobs report sparks rally
The trading week ended with a rally, sparked by a U.S. jobs report that saw large, unexpected gains in September. The news propelled stocks on both sides of the border higher and recovered the losses from days of worry from war tensions concerning Israel, Iran, Lebanon and possibly the U.S. On Friday, the S&P closed 0.88% higher, the Nasdaq 1.21% and the Dow 0.8%. For the week, the S&P climbed 0.22%, the Nasdaq jumped nearly 6.2% though the Dow barely advanced.
Key names on Friday: Albemarle 7.89%, Deckers 6.5%, Tesla 3.93%, AMD 4.94% and United Airlines 6.45%. The hot jobs number prompted Wall Street to adjust expectations from a 50-basis point cut in interest rates next month to 25. It also pushed the U.S. 10-year yield to 3.977%.
In Toronto, staples was the only weak sector as tech and energy led the rally. The TSX rose 0.77% on Friday and slightly more for the week. Major movers: Silvercrest Metals 9.69%, Shopify 5.6%, Tamarack Valley Energy 4.49%, Orla Mining 5.42% and TD up 0.84% as the most active name. WTI added 1% to US$74.50 as Mideast tensions continue to drive up prices while gold sank US$5 to US$2,650.
⛏ Albemarle Corp (ALB-N) +7.89%
🛍 Deckers Outdoor Corp. (DECK-N) +6.5%
🚗 Tesla Inc (TSLA-Q) +3.93%
💾 Advanced Micro Devices (AMD-Q) +4.94%
🛫 United Airlines Holdings (UAL-Q) +6.45%
⛏ SilverCrest Metals Inc (SIL-T) +9.69%
🛍 Shopify Inc. (SHOP-T) +5.6%
🛢 Tamarack Valley Energy (TVE-T) +4.49%
⛏ Orla Mining (OLA-T) +5.42%
🏛 Toronto Dominion (TD-T) +0.84%
