TORONTO 鈥� sa国际传媒's main stock indexwas up more than 150 points on the last day of trading before Christmas, while U.S. markets were also on the sunny side after a dramatic slide Thursday on both sides of the border.聽
The S&P/TSX composite index was up 156.99 points at 19,506.65.
The TSX was buoyed by strong gains in energy stocks, which gained more than four per cent Friday.
In New York, the Dow Jones industrial average was up 176.44 points at 33,203.93. The S&P 500 index was up 22.43 points at 3,844.82,while the Nasdaq composite was up 21.74 points at 10,497.86.
Markets were relatively quiet heading into the holiday weekend, but one thing stood out: the apparent absence of the usual "Santa Claus rally" that often lifts markets this time of year, said John Zechner, chairman and lead equity manager at J Zechner Associates.
"I think the Fed comments and the Fed actions two weeks ago really sort of threw the market for a loop," he said.
Between hawkish messaging from the Federal Reserve, another round of rate hikes in sa国际传媒 and the U.S., and earnings warnings starting to roll in, investors have had the wind taken out of their sails, he said.
Micron鈥檚 pessimistic outlook released with earnings Wednesday evening helped get a sell-off going Thursday, said Zechner.聽
鈥淭here鈥檚 certainly a lot ... for investors to worry about,鈥� he said.
The latest Canadian GDP data released Thursday showed the economy grew 0.1 per cent in October.聽
However, Zechner said there are still a lot of unanswered questions for investors, and in this rapidly changing environment October data can鈥檛 tell the whole story.
The Canadian economy is still showing signs of momentum from earlier in the year despite the turbulence of 2022, said Zechner.
鈥淏ut that鈥檚 going to start to wear down now,鈥� he said.聽
Zechner said the recent decline in job vacancies is more of a leading indicator than the GDP data.聽
The Canadian dollar traded for 73.51 cents US compared with 73.23 cents US on Thursday.
The February crude contract was up US$2.07 at US$79.56 per barrel and the February natural gas contract was up five cents at US$4.98 per mmBTU.
Oil was a little oversold based on worries about demand from China, but the market is still pretty tight, said Zechner.聽
"The Russian oil has stayed on the market, despite the worries it would be pulled off."聽
He said the announced reopening of the Keystone pipeline likely isn鈥檛 having much of an impact.聽
The February gold contract was up US$8.90 at US$1,804.20 an ounce and the March copper contract was up five cents at US$3.81 a pound.
This report by The Canadian Press was first published Dec. 23, 2022
Companies in this story: (TSX:GSPTSE, TSX:CADUSD=X)
Rosa Saba, The Canadian Press
