TSX Surges To New Record Highs -- Canadian Commentary

(RTTNews) - Canadian stocks jumped to new record highs Friday, fueled by optimism in the energy sector and Donald Trump's vow of big tax cuts in the U.S.

The S&P/TSX Composite Index rose 111.82 points, 0.72 percent, to 15,729.12, breaking a mark from September 2014.

The recent surge was driven by gains in the financial sector, while energy stocks joined the party late in the week.

On Wall Street, all 3 major U.S. indexes ended at all-time highs on the same day for a second-straight session.

Markets shrugged off a report from the University of Michigan showed a bigger than expected pullback in U.S. consumer sentiment in February.

Despite the decline, the survey's chief economist Richard Curtin said, "To be sure, confidence remains quite favorable, with only five higher readings in the past decade."

In Canada, employment rose by 48,000 (+0.3%) in January, building on gains observed in the latter part of 2016. The unemployment rate fell by 0.1 percentage points to 6.8%.

Three former SNC Lavalin (SNC.TO) executives have been acquitted in a major foreign corruption case.

Cameco Corporation (CCO.TO) reported earnings for fourth quarter that dropped 40% from last year. Shares rose 2.2%, however.