TSX up modestly as Bombardier shares soar, Wall Street hits new record high
This is a file image of various stocks.
The Canadian Press
Published Friday, January 26, 2018 12:48AM EST
Last Updated Friday, January 26, 2018 5:31PM EST
TORONTO -- Canada's main stock index rose modestly in a largely broad-based advance Friday, as U.S. stocks soared to new record highs.
The S&P/TSX composite index was up 35.21 points to 16,239.22, with the industrials sector among key advancers as Bombardier Inc. shares surged 15.31 per cent following news it won its trade dispute with Boeing Co.
The U.S. International Trade Commission ruled in favour of the Canadian plane maker, voting that Boeing did not suffer harm from prospective imports of C Series commercial jets. The ruling means anti-dumping and countervailing duties totalling about 300 per cent imposed by the U.S. Department of Commerce won't be applied.
Bombardier's stock was up 47 cents to $3.54 at the closing of markets.
South of the border, Wall Street roared back into positive territory amid comments by Donald Trump at the World Economic Forum in Davos, in which the U.S. president said his administration isn't opposed to international co-operation.
"I think the market really took a lot of positives away from that," said JJ Kinahan, chief investment strategist for TD Ameritrade.
In New York, the Dow Jones industrial average climbed 223.92 points to 26,616.71. The S&P 500 index gained 33.62 points to 2,872.87 and the Nasdaq composite index advanced 94.61 points to 7,505.77.
Comments Wednesday and Thursday from Trump as well as Treasury Secretary Steven Mnuchin and Commerce Secretary Wilbur Ross contributed to swings in stock prices and the U.S. dollar as investors tried to parse the remarks for indications of the U.S. administration's stances on its currency and international trade.
The greenback declined further against other currencies on Friday as the Canadian dollar closed at an average trading value of 81.16 cents US, up 0.01 a U.S. cent.
In commodities, the March crude contract gained 63 cents to US$66.14 per barrel and the March natural gas contract was up eight cents to US$3.18 per mmBTU.
The February gold contract was down $10.80 to US$1,352.10 an ounce and the March copper contract gave back two cents to US$3.20 a pound.
- With files from The Associated Press.