TSX Close: TSX Gains as RIM Rallies, U.S. Stocks Hit Five-Year Highs
The Toronto stock market closed higher as Chinese economic growth accelerated and Research in Motion (RIM.TO) was upgraded by analysts. Market sentiment was positive as U.S. stocks reached their highest levels since 2007.
The S&P TSX Composite Index finished 50 points higher at 12,725, off session highs of 12,751 as the index lost some momentum near the end of the trading day.
Tech stocks led the charge, rising 1.3%, though most of the TSX's sub-sectors were positive.
RIM shares gained 7% in heavy trading after analyst at Jeffries & Co upgraded the stock to "buy" from "hold" and raised the U.S. price target to $19.50 from $13 a share.
Commodities were mixed, though little changed. February gold fell $3.80, or 0.2%, to settle at $1,687 an ounce on the Comex division of the New York Mercantile Exchange. Gold gained 1.6% for the week. February crude oil rose 7 cents, or 0.1%, to settle at $95.56 a barrel, with a weekly gain of 2.1%.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.