Canada’s main stock index rose modestly in a largely broad-based advance Friday, as U.S. stocks soared to new record highs.
The S&P/TSX composite index was up 35.21 points to 16,239.22, with the industrials sector among key advancers as Bombardier Inc. shares surged 15.31% following news it won its trade dispute with Boeing Co.
The U.S. International Trade Commission ruled in favour of the Canadian plane maker, voting that Boeing did not suffer harm from prospective imports of C Series commercial jets. The ruling means anti-dumping and countervailing duties totalling about 300% imposed by the U.S. Department of Commerce won’t be applied.
Bombardier’s stock was up 47¢ to $3.54 at the closing of markets.
South of the border, Wall Street roared back into positive territory amid comments by Donald Trump at the World Economic Forum in Davos, in which the U.S. president said his administration isn’t opposed to international co-operation.
“I think the market really took a lot of positives away from that,” said JJ Kinahan, chief investment strategist for TD Ameritrade.
In New York, the Dow Jones industrial average climbed 223.92 points to 26,616.71. The S&P 500 index gained 33.62 points to 2,872.87 and the Nasdaq composite index advanced 94.61 points to 7,505.77.
Comments Wednesday and Thursday from Trump as well as Treasury Secretary Steven Mnuchin and Commerce Secretary Wilbur Ross contributed to swings in stock prices and the U.S. dollar as investors tried to parse the remarks for indications of the U.S. administration’s stances on its currency and international trade.
The greenback declined further against other currencies on Friday as the Canadian dollar closed at an average trading value of US81.16¢, up 0.01 a U.S. cent.
In commodities, the March crude contract gained US63¢ to US$66.14 per barrel and the March natural gas contract was up US8¢ to US$3.18 per mmBTU.
The February gold contract was down US$10.80 to US$1,352.10 an ounce and the March copper contract gave back US2¢ to US$3.20 a pound.
With files from The Associated Press