February 3, 2023

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Gold Stocks Helping Lead Upward Move On Bay Street

1 min read

After moving lower over the two previous sessions, Canadian stocks have shown a strong move to the upside during trading on Thursday.

The benchmark S&P/TSX Composite Index has moved steadily higher over the course of the session and is currently up 199.40 points or 1 percent at 20,913.12.

Gold stocks have helped lead the way higher, with the S&P/TSX Gold Index surging up by 3 percent. The rally comes as the price of gold for August delivery is jumping $22.20 to $1,870.90 an ounce.

Considerable strength is also visible among technology stocks, which are advancing despite Microsoft (MSFT) lowering its fiscal fourth quarter guidance. Reflecting the strength in the sector, the S&P/TSX Capped Information Technology Index is up by 2.4 percent.

Healthcare, industrial and consumer stocks are also seeing notable strength on the day, while energy stocks are little changed as the price of crude oil shows wild swings.

On the economic front, Statistics Canada released a report showing the total value of building permits in Canada declined 0.6 percent in April to C$11.7 billion.

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2022-06-02 11:41:17

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