TSX Set for Biggest Weekly Gain in 11 Months

Canada's main stock index inched up on Friday and was on track for its largest weekly gain in 11 months as investors evaluated corporate results, while U.S. President Donald Trump's Federal Reserve revamp fueled hopes for rate cuts. The TSX Composite Index recovered 71.34 points in the first hour of Friday to 27,832.61. The Canadian dollar forked over 0.08 cents to 72.74 cents U.S. Trump said he would nominate Council of Economic Advisers Chairman Stephen Miran to serve out the final months of the newly vacant seat while the White House looks for a permanent addition to the governing board and a new Fed Chair. In the macroeconomic world, Statistics Canada reported the economy lost 41,000 jobs in July and the unemployment rate was unchanged at 6.9%. ON BAYSTREET The TSX Venture Exchange regained 2.38 points to 791.43. All but two of the 12 TSX subgroups were higher in the first hour of trade, as telecoms boosted 1.5%, health-care shot higher 1.3%, and consumer staples soared 1.1%. The two laggards were consumer discretionary stocks, down 0.4%, and financials, poorer 0.07%. ON WALLSTREET Stocks rose on Friday, putting the three major averages on pace to round out the week with gains. The Dow Jones Industrial Average popped 236.78 points to 44,205.42. The S&P 500 index jumped 45.53 points to 6,385.53 The NASDAQ hiked 170.7 points to 20,413.39. The major averages are currently heading for a winning week, with the 30-stock Dow at a 1.4% week-to-date advance and the broad market S&P 500 up 2.3% in the period. The tech-heavy NASDAQ is poised for a 3.6% climb on the week. Shares in Wendy’s moved ahead six cents to $10.02. Shares in Pinterest plummeted $3.14, or 8%, to $36.03, despite better-than-expected sales in Q2. The moves come after the Dow, along with the S&P 500, closed in the red on Thursday, while the NASDAQ outperformed, closing at a record. The blue-chip index saw some sharp swings during the day, up 305 points at its high and down nearly 394 points at its low. President Donald Trump’s “reciprocal” tariffs took effect at midnight on Thursday, with some of the steepest duties including Syria’s 41% and Laos’ and Myanmar’s 40% rate. Stocks initially rose Thursday morning after Trump announced a day earlier that his 100% tariff on imported semiconductor chips would not affect companies that are “building in the United States.” On Thursday afternoon, the president announced that he has selected Stephen Miran, chair of the Council of Economic Advisors, as his pick to replace Adriana Kugler on the Federal Reserve Board of Governors. Miran will serve out the rest of Kugler’s term, which expires in January, following her resignation last Friday. Prices for 10-year Treasury were lower Thursday, raising yields to 4.28% from Thursday’s 4.24%. Treasury prices and yields move in opposite directions. Oil prices sank 54 cents to $63.34 U.S. a barrel. Gold prices surged $35.40 at $3,489.10 U.S. an ounce.