Canadian Stocks Extend Yesterday’s Rebound Amid Tech Sector Strength

Following the rebound seen in the previous session, Canadian stocks showed another notable move to the upside during trading on Friday.

The benchmark S&P/TSX Composite Index initially showed a lack of direction but climbed firmly into positive territory as the day progressed.

The index closed up 149.79 points or 0.7 percent at 20,906.52, climbing further off the nearly one-month closing low set on Wednesday.

Technology stocks followed their U.S. peers higher, resulting in a 1.6 percent jump by the S&P/TSX Capped Information Technology Index.

Optimism about the outlook for earnings may have contributed to the strength in the tech sector ahead of next week’s release of quarterly results from companies like Intel (INTC), IBM Corp. (IBM) and Netflix (NFLX).

Commercial real estate, financial and utilities stocks also saw notable strength on the day, moving higher along with most of the other major sectors.

For comments and feedback contact: editorial@rttnews.com

Market Analysis