Economy & Markets

Wall Street markets reach new highs

By Canadian Press |
Source: The Canadian Press

Canada's main stock index moved forward Friday in a broad-based advance, while those on Wall Street closed at record highs.

The Toronto Stock Exchange's S&P/TSX composite index gained 25.52 points to 16,041.98, led by a double-digit jump in the worth of Linamar Corp.'s shares.

Linamar stock rose 11.50% or $7.48 to $72.50 as the company announced it would buy Winnipeg-based agriculture equipment maker MacDon Industries Ltd. for $1.2 billion. The deal will allow the company to further diversity its operations and resulted in its best day on the market since Nov. 7.

In New York, the three major indices all reached new highs as investor confidence grew that the U.S. President Donald Trump's tax bill was making progress in Congress. Potential hold out Senator Marco Rubio signalled he now intends to support the bill, which boosted the likelihood it could pass.

The Dow Jones industrial average advanced 143.08 points to 24,651.74, the S&P 500 index rose 23.80 points to 2,675.81, and the Nasdaq composite index added 80.05 points to 6,936.58.

On the Nasdaq, CSX Corp. shares slipped 7.64 per cent or US$4.38 to US$52.93 as the company announced president and CEO Hunter Harrison is on medical leave from "unexpected complications from a recent illness." Harrison is the former head of Canada's two biggest railways, Montreal-based Canadian National and Calgary-based Canadian Pacific.

The loonie closed at an average trading price of US77.92¢ US, down 0.17 of a U.S. cent.

The February crude contract advanced US25¢ to US$57.33 per barrel and the January natural gas contract shed US7.2¢ to US$2.61 per mmBTU.

The February gold contract rose 40% to US$1,257.50 an ounce and the March copper contract added about US6¢ to roughly US$3.14 a pound.

With files from the Associated Press