Tech and telecom stocks boost S&P/TSX composite index Thursday, U.S. markets also up
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Hey there, time traveller!
This article was published 13/02/2025 (408 days ago), so information in it may no longer be current.
TORONTO – Strength in technology, base metals and telecom stocks helped lift Canada’s main stock index Thursday, while U.S. markets also rose.
The S&P/TSX composite index closed up 135.40 points at 25,698.51.
In New York, the Dow Jones industrial average was up 342.87 points at 44,711.43. The S&P 500 index was up 63.10 points at 6,115.07, while the Nasdaq composite was up 295.69 points at 19,945.64.
A batch of good earnings reports helped investors shrug off the latest headlines in the ongoing tariff saga, said Allan Small, senior investment adviser at iA Private Wealth.
U.S. President Donald Trump on Thursday unveiled his plan to increase U.S. tariffs to match the rates other countries charge on imports.
“I think everyone was nervous,” said Small.
“And in the end, I guess the market took it as not as bad as feared.”
Earnings reports continued to roll in south of the border, with companies including MGM Resorts International, Molson Coors and Robinhood Markets beating expectations.
So far this earnings season, the tech sector is “still driving the bus,” said Small, as the optimism over artificial intelligence continues to fuel investment.
In Canada, gold and the banking sector have been helping markets, as well as the tech stocks, said Small.
A report Thursday said wholesale inflation in the U.S. was hotter than expected last month, coming off of Wednesday’s report on consumer inflation that was also stronger than expected.
“I think that inflation will continue to be a problem,” said Small, adding that many people believe more interest rate cuts from the U.S. Federal Reserve are off the table.
Tariffs would likely put more upward pressure on inflation, he said: “I don’t see how prices don’t go up when you put these tariffs on.”
Meanwhile, the Bank of Canada has been on a rate-cutting spree.
“The U.S. economy is much stronger than ours,” said Small, which is why Canada has seen far steeper declines in interest rates.
But the more the central bank cuts, the weaker the loonie gets, said Small: “It seems to be a self-fulfilling prophecy.”
The Canadian dollar traded for 70.21 cents US compared with 69.94 cents US on Wednesday.
The March crude oil contract was down eight cents at US$71.29 per barrel and the March natural gas contract was up six cents at US$3.63 per mmBTU.
The April gold contract was up US$16.70 at US$2,943.40 an ounce and the March copper contract was up eight cents at US$4.78 a pound.
— With files from The Associated Press
This report by The Canadian Press was first published Feb. 13, 2025.
Companies in this story: (TSX:GSPTSE, TSX:CADUSD)