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TSX gains 3.7% for the week as earnings buoy investor sentiment - BNN Bloomberg

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Canada’s benchmark stock index rose 3.74% this week as the flurry of earnings releases and scaled-back bets on rate hikes in the U.S. helped bolster sentiment.

Canada’s benchmark stock index rose 3.74 per cent this week as the flurry of earnings releases and scaled-back bets on rate hikes in the U.S. helped bolster sentiment.

Markets in New York made a partial comeback in July, with their biggest monthly gain since Nov. 2020. For the Friday session, the S&P 500 jumped 1.42 per cent, the Dow rose 0.97 per cent and the Nasdaq climbed 1.88 per cent. “Our expectation is that this rally has legs and it will last — it's a durable rally. It may not be durable for all of the stocks out there, but certainly durable for the cyclicals.”“We think in Canada, the manufacturing and commodity cycle here will ultimately be rewarded in the reflationary cycle. We like cyclicals and we like industrials, especially industrials that are tied to the commodity side,” he said.

 

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