Stock markets around the world let the good times roll Friday, after concrete steps by the U.S. Federal Reserve to supplant that nation's fragile economy made their presence felt.
The S&P/TSX Composite index ballooned 156.69 points, or 1.3%, to begin Friday at 12,516.85
The Canadian dollar screamed higher by 0.22 cents to 103.46 cents U.S.
In corporate news, Talisman Energy Inc., which switched CEOs earlier this week, plans to wind down its operations in Peru. It says that despite the company's success in finding light oil in a property called Block 64, it was unable to build a big enough position there.
Manitoba Telecom Services Inc. said Thursday it is launching a strategic review of its Allstream business division, opening up the possibility of a sale of the business. The company said recent changes by Ottawa to allow increased foreign investment in smaller telecoms have created an opportunity to consider a full range of alternatives.
Allstream provides Internet Protocol services such as voice and data to businesses in Canada and parts of the United States and has said growth in the division will be led by such services.
On the economic slate, Statistics Canada said manufacturing sales in this country fell 1.5% to $48.3 billion in July, the third decrease in five months.
Declines in transportation equipment were largely responsible for the overall drop. Manufacturers in 11 of 21 industries reported lower sales, representing over 60% of total manufacturing.
ON BAYSTREET
The TSX Venture Exchange added 6.12 points to 1,309.01
All but two of the 14 Toronto subgroups were higher, led by metals and mining, sprinting ahead 5.2%, global base metals, gaining 3.2%, materials, taking on 2.6%.
Health-care weighed more heavily on the two laggards, as that group gave back 0.7%, while telecoms demurred 0.1%.
ON WALLSTREET
The QE3 rally continued on Wall Street Friday, albeit a bit more modestly.
The Dow Jones Industrial average garnered 76.94 points to open the week's last session at 13,616.80
The S&P 500 index gained 8.48 points, to 1,468.47 and the tech-heavy Nasdaq Composite Index topped up 29.31 points to 3,185.13.
The central bank announced a third round of quantitative easing, or QE3, Thursday, saying it would buy $40 billion U.S. of mortgage-backed bonds each month for however long it deemed necessary.
UnitedHealth Group will join the Dow Jones industrial average, replacing Kraft Foods, starting Sept. 24.
The index change came as Kraft plans to spin off its North American grocery business, which will be renamed the Mondelez Group on Oct. 1. The Dow Jones Averages Index Committee said in a statement that it believes Kraft's plan will "reduce market capitalization" and revenue, making the company "less representative of the U.S. large cap market space."
Home Depot Inc said it will close all seven of its big box stores and cut 850 jobs in China, another sign that companies are feeling the effects of a slowing Chinese economy.
Shares of Staples Inc were up 4% on a report that several private equity firms, including Bain Capital, are considering a buyout offer for the office supplies retailer.
Apple shares closed at an all-time high Thursday, a day after the company unveiled the latest edition of its wildly popular iPhone. Amazon shares also closed at an all-time high. Both stocks were up again.
On the economic slate, retail sales came in higher than expected, rising 0.9%, the Census Bureau said.
August inflation was in line with what analysts had anticipated, with CPI increasing by 0.6%, according to the U.S. Bureau of Labor Statistics.
After the opening bell, the Federal Reserve will publish data on industrial production for August, expected to have declined by 0.2%.
The preliminary edition of the University of Michigan's Consumer Sentiment Index for September will also be released Friday, along with data on July business inventories from the Census Bureau.
The price on the benchmark 10-year U.S. Treasury fell back, boosting yields to 1.82% from Thursday's 1.76%. Treasury prices and yields move in opposite directions
Oil prices for September delivery added $1.23 to $99.54 U.S. a barrel.
Gold prices hiked $3.30 an ounce to $1,775.60 U.S. an ounce.
