Resource Stocks Spur TSX Thursday

Canada’s main stock index rose on Thursday helped by gains in materials stocks as prices of most commodities surged after the U.S. Federal Reserve stuck to their guidance on rate cuts for this year.

The TSX Composite popped 111.9 points to open Thursday at 22,157.61.

The Canadian dollar gave back 0.18 cents to 74.04 cents U.S.

Jefferies raised the price target on Boyd Group Services to $340 from $290 earlier, while CIBC increased the price target on Power Corporation of Canada to $43 from $40.


The TSX Venture Exchange gained 5.09 points to 554.97.

Eight of the 12 TSX subgroups strengthened, led by gold, ahead 1.8%, materials, better by 1.3%, and financials, richer 0.9%.

The four laggards were weighed most by consumer staples, down 1%, health-care, sliding 0.6%, and consumer discretionary, off 0.1%.


Stocks climbed Thursday and technology shares outperformed, adding to the previous session’s gains that led to new records on Wall Street.

The Dow Jones Industrials marched upward 310.38 points to 39,822.51.

The S&P 500 index hiked 30.4 points to 5,255.02,

The NASDAQ rocketed 113.7 points to 16,483.10.

Micron Technology jumped more than 14% on strong earnings and headed for its best day since December 2011. The news lifted the semiconductor sector, with Nvidia and Advanced Micro Devices last up more than 1% each. Marvell Technology, Intel and Taiwan Semiconductor jumped about 3%.

Megacap tech stocks that led the recent rally also contributed to the session’s gains, with Meta Platforms, Microsoft and Amazon adding at least 1%. Apple bucked the broader tech-driven uptrend, slumping nearly 2% on a report that the Justice Department could file an antitrust lawsuit against the iPhone maker.

Thursday’s moves follow a winning day on Wall Street that sent the three major indexes to new closing highs, with the S&P 500 breaking above 5,200 for the first time.

Prices for the 10-year Treasury were static, keeping yields at Wednesday’s 4.28%.

Oil prices slid 44 cents to $80.83 U.S. a barrel.

Gold prices rallied $24.60 to $2,185.60.

Stocks Continue Record Run

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