Markets rally to end week
Friday extended gains from the day before and the major indices rose for the week. The focus was on the U.S. where lighter than expected CPI data triggered a major rally while signs of China loosening its zero-Covid policy and possible progress in the Russian-Ukraine war added tailwinds. The S&P closed Friday up nearly 1%, just shy of 4,000, and rallied 5.61% for the week. The Nasdaq surged another 1.88% Friday and jumped over 8% for the week. Meanwhile, the Dow was flat on Friday as the U.S. 10-year yield slipped to 3.811%. Meanwhile, the turmoil in cryptos continued as Bitcoin retreated 4.3% to $16,800.
Most of the TSX sectors were positive on Friday as the Canadian index advanced 0.61% Friday and 3% for the week. Energy, real estate and tech led, while staples and utilities lagged. Of the latter, Algonquin Power dragged down that sector as it plunged 19.29% on an earnings miss and weak forecast. Also down was Dollarama by 4.89%, though Brookfield Asset Management gained another 4.2%, and Canopy 10.22%. WTI climbed 3% to $89 and WCS jumped nearly 5% to approach $60.
🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) -4.3%
📹 Snap Inc. (SNAP-N) +8%
💾 Advanced Micro Devices (AMD-Q) +5.7%
📦 Amazon.com (AMZN-Q) +4.31%
👸 Walt Disney Co. (DIS-N) +5%
🚚 FedEx (FDX-N) +5.79%
📺 Paramount Global (PARA-Q) +13.52%
💡 Algonquin Power & Utilities Corp (AQN-T) -19.29%
🛒 Dollarama Inc. (DOL-T) -4.89%
🏛 Brookfield Asset Management Inc. (BAM-N) +4.2%
🌿 Canopy Growth Corp. (WEED-T) +10.22%