Another Shindig On Bay Street, TSX Up 19% Since January -- Canadian Commentary

(RTTNews) - The good times continued to roll on Bay Street Friday, as giddy investors shrugged off a likely U.S. interest rate hike.

The Federal Reserve should raise interest this summer if the economy continues to improve, Fed Chair Janet Yellen said this afternoon.

"I think for the Fed to gradually and cautiously increase our overnight interest over time and probably in the coming months, such a move would be appropriate," she said at Harvard University.

The S&P/TSX Composite Index rose 56.03 points to 14,105.23 -- its highest since last summer. The index is up 19% since January 20.

Crude oil futures nudged lower, but energy stocks held this week's strong gains.

Health care stocks rallied on reports that Valeant turned down a significant takeover offer from Japan's Takeda Pharmaceutical and TPG Capital earlier this year.

Valeant shares jumped 9 percent.

Meanwhile, Loblaw (L.TO) is looking to sell its 212 retail fuel sites located adjacent to grocery stores in the Loblaw network. Shares were flat.

Cameco Corp. (CCO.TO) will restructure its Inkai JV partnership with KazAtomProm. Shares rose 0.7 percent.