TSX, Dow push higher as loonie also gains ground

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The Dow Jones Industrial Average opened higher on Friday as the stock benchmarks attempted to shake off concerns about rising bond yields and inflation to finish the week on an uptrend.

Benchmark 10-year notes last fell 13/32 in price to yield 2.9408 percent, from 2.893 percent late on Tuesday. Even with the recent rally, the index has been unable to convincingly hold above its 50-day moving average, seen as a key support level.

USA stocks closed lower on Wednesday in a rocky session after the release of the minutes from the Federal Reserve's January meeting pushed yields on the benchmark 10-year U. Treasury note to a four-year high.

In addition, the overall global equity market continues to be solid. The S&P 500 Index closed at 2,701.33 for a loss of -14.93 points or -0.55%.

The initial market selloff in January was sparked after economic data raised worries the economy may overheat, causing a quick spike in bond yields and concern the Federal Reserve may become more aggressive in raising U.S. interest rates.

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The Nasdaq Composite Index rallied on Friday, capping a curious week for the technology laden index that places it a mere 2.2% from its all-time high set on January 26. The S&P 500 gained 1.6 percent to end at 2,747.30, with utilities and energy as the best-performing sectors.

Qualcomm fell 1.3 per cent after the chipmaker raised its offer to buy NXP Semiconductors NV to $127.50 per share from $110.

Hewlett Packard Enterprise Co (NYSE:HPE), which saw its shares soar by as much as 19% after hours following the release of its market-busing first quarter results, has kicked off with a more demure rise, up 0.98% premarket. NXP shares jumped 5.96 per cent.

The S&P 500 is down 28.26 points, or 1 percent.

The Canadian dollar was trading at 78.89 cents USA, up from an average price of 78.68 cents US on Thursday.