TSX pares weekly decline as investors reduce Fed rate hike bets
EWC•Canada’s S&P/TSX Composite rose 0.99% to 35,502.65 on Friday, led by materials and industrial shares after weaker-than-expected U.S. jobs data reduced expectations for a Federal Reserve rate hike this month. The index was down 0.8% for the week.
1. Index rebounds Friday
The S&P/TSX Composite snapped a four-day slide, gaining 347.89 points as materials rose 1.8% and industrials added 1.5%. Teck Resources shares climbed 5.3%, while technology and energy each gained 1.4%.
2. Rates and oil
U.S. job growth slowed more than expected in September, and payrolls for the prior two months were revised sharply lower. U.S. crude futures settled 1.9% lower at $91.11 a barrel. Despite Friday’s rebound, the index fell 0.8% for the week as global bond yields climbed, including the U.S. 10-year yield reaching a 24-year high.
