After declining for six consecutive sessions, Canadian stocks bounced back sharply on Friday as softer-than-expected U.S. personal consumption expenditure figures eased investors’ concerns about persistent inflation and the Federal Reserve’s cautious monetary policy stance. Despite falling by as much as 164 points in intraday trading, the S&P/TSX Composite Index ended the session with 186 points or 0.8% gains at 24,599.
While all key market sectors ended the session with optimism, the market rally was mainly driven by solid strength in healthcare, real estate, and consumer cyclical stocks. In addition, a recovery in metals prices also helped mining stocks inch up, providing additional support to the broader market.
Despite Friday’s sharp recovery, the TSX benchmark ended the week with a 2.7% decline, marking its worst performance since February.
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