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TSX Rises 1% to 35,503 on Friday; Carney to Fast-Track West Coast Oil Pipeline
The S&P/TSX Composite rose 1% to close at 35,503 on Friday as the oil rally stalled and soft U.S. jobs data eased rate-hike expectations. Prime Minister Carney said Canada will fast-track a proposed West Coast crude export pipeline.
Why it matters
The TSX's 1% gain to 35,503 capped a week in which cooler U.S. jobs data eased inflation fears and reduced expectations of an October Fed rate hike — a supportive backdrop for Canadian stocks and for borrowers watching interest-rate signals.
Full report
The S&P/TSX Composite Index rose 1% to close at 35,503 on Friday, Oct. 2, as a stalled oil rally eased concerns over energy-driven inflation and pushed Canadian bond yields lower, Trading Economics reported.
Softer-than-expected U.S. payrolls also supported rate-sensitive stocks as expectations of a Federal Reserve rate hike this month declined. Financials gained, with CIBC up 1.1% and Great-West Lifeco rising 2%. Technology stocks advanced, tracking strength in the Wall Street AI trade, with Shopify up 1.7% and Celestica jumping 3.9%. Miners gained despite lower gold prices, with Agnico Eagle up 2.1% and Wheaton Precious Metals adding 2.6%.
Meanwhile, Prime Minister Mark Carney said Canada will fast-track approval of a proposed crude oil export pipeline to the West Coast, a key part of his efforts to diversify the economy away from the United States.
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