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TSX Roars Ahead Thursday

Equities in Canada’s largest market vaulted Thursday as investors took good vibes from a U.S. inflation report suggesting that the cost of living may have peaked.

The TSX Composite shot higher 646.11 points, or 3.3%, to close Thursday within shouting distance of the 20,000-point mark at 19,990.36

The Canadian dollar regained 1.1 cents to 75.03 cents U.S.

Among techs which shot into the stratosphere, Shopify hiked $6.94, or 16.7%, to $48.72, while Nuvei Corporation popped $5.90, or 16.4%, to $41.98.

Health-care concerns also looked, well, healthy, as Canopy Growth soared 74 cents, or 17%, to finish at $5.09, while Bausch Health Companies acquired $1.09, or 12.3%, to $9.96.

In gold stocks, OceanaGold triumphed 29 cents, or 13.2%, to $2.48, while Torex Gold Resources barreled ahead $1.61, or 15.8%, to $11.79.

ON BAYSTREET

The TSX Venture Exchange sprinted 17.36 points, or 3%, to 594.69

All 12 TSX subgroups were positive, led by information technology, spiking 7.8%, health-care stronger 7.4%, 5.3%, and gold, shinier by 5.9%.

ON WALLSTREET

Stocks surged after October’s reading of consumer prices raised investor hopes that inflation has peaked.

The Dow Jones Industrials more than made up for Wednesday’s losses, rising 1,198.27 points, or 3.7%, to 33,712.21.

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The S&P 500 rocketed 207.31 points, or 5.5%, to 3,955.88. The Dow touched its highest since August on Thursday and the S&P 500 rose above the 3,900 level.

The NASDAQ vaulted 760.97 points, or 7.4%, to 11,114.15.

Tech stocks that have been hardest hit by the rise in inflation and surging interest rates led the gains Thursday. Shares of Amazon were up 13%. Apple, Meta and Microsoft were each up more than 6%. Shares of Meta were up 5.4%. Tesla jumped 5.3%.

Semiconductor stocks got a boost too, with shares of Lam Research and Applied Materials each up more than 5%. KLA also popped 3.7%.

The consumer price index, a broad-based measure of goods and services costs, rose just 0.4% for the month and 7.7% from a year ago. That was its lowest annual increase since January. Economists were expecting increases of 0.6% and 7.9%, according to Dow Jones. Excluding volatile food and energy costs, so-called core CPI increased 0.3% for the month and 6.3% on an annual basis, also less than expected.

Prices for the 10-year Treasury leaped, lowering yields to 3.82% from Wednesday’s 4.09%. Treasury prices and yields move in opposite directions.

Oil prices switched gears and gained 41 cents to $86.24 U.S. a barrel.

Gold prices jumped $43.40 to $1,757.10 U.S. an ounce.