Stocks in Toronto pulled out of their doldrums Friday, overcoming negative sentiment following a sluggish U.S. economic report, which helped offset gains in commodity prices and resource stocks.
The S&P/TSX composite index overcame a triple-digit loss in the morning, and gained 3.90 points to reach noon at 14,641.18
The Canadian dollar remained negative 0.59 cents to 78.66 cents U.S.
Still, the benchmark TSX was on track to record a 1% decline this week and end the month slightly lower.
A decline in Eldorado Gold, which shed 19%, also weighed on the market. The stock reacted after Greece's new left-wing government said it is firmly opposed to one of the Canadian company's gold mines.
Financials swooned as Royal Bank of Canada shed 2.7%to $72.13, and Toronto Dominion Bank gave back 1.8% to $50.71.
The gold-mining sector advanced, helped by a jump in the bullion price. Barrick Gold Corp rose 3.5% to $16.02 and Goldcorp was up 2.8% to $30.30.
Shares of energy producers climbed, with U.S. crude oil prices showing similar gains. Canadian Natural Resources Ltd added 2.1% to $35.71.
Shares of Canadian Oil Sands Ltd shot up 11.4% to $7.25, after the company slashed its dividend and further reduced 2015 capital spending on Thursday.
On the economic front, Statistics Canada reported this morning that Canada’s gross domestic product eased 0.2% in November, mostly following declines in manufacturing, mining, and oil and gas extraction.
ON BAYSTREET
The TSX Venture Exchange recovered 1.30 points to 668.41
All but three of the 14 Toronto subgroups were higher by noon, with gold up 3.2%, materials up 2.1%, and metals and mining stocks marching along 1.8%
The three laggards were financials, clinking lower by 1.9%, industrials, down 0.9%, utilities, sliding 0.2%
ON WALLSTREET
U.S. stocks mostly fell on Friday, with equities on track for January losses, with investors on uncertain footing after the government reported economic growth slowed sharply in the fourth quarter.
The Dow Jones Industrials slid 67.13 points to 17,349.72, after a 200-point-plus surge Thursday. Visa limited blue-chip losses. The payment processor jumped nearly 5% after reporting a better-than-expected quarterly profit late Thursday.
The S&P 500 lost 7.31 points to 2,013.94. Consumer staples led losses and energy gains among its 10 major sectors.
The NASDAQ index moved higher 5.29 points to 4,688.70
Chevron dropped after the oil producer and Dow component reported a 30% decline in quarterly profit.
Apple rose to a record $120 U.S. a share. Shake Shack jumped in its market debut.
Economically speaking, the U.S. Commerce Department reported gross domestic product expanded at a 2.6% annual rate after the third quarter's 5% pace.
Analysts had projected the economy would expand at a 3% rate in the final quarter of 2014.
Prices for 10-year U.S. Treasuries gained ground, lowering yields to 1.67% from Thursday’s 1.75%. Treasury prices and yields move in opposite directions.
Oil prices moved up 77 cents per barrel to $45.30 U.S.
Gold prices gathered $21.00 an ounce to $1,275.60 U.S.
