Canada's main stock index flattened on Friday – though gunning for its sixth straight winning session -- as investors embraced more risk after minutes from the U.S. Federal Reserve's September meeting showed it was in no hurry to hike interest rates.
The S&P/TSX composite index tailed off 10.12 points to greet noon at 13,968.54
The Canadian dollar advanced 0.44 cents at 77.27 cents U.S.
Equity markets in Canada are shuttered Monday for Thanksgiving
Overall trading was choppy, and briefly turned negative as energy and financial stocks tempered the broader gains.
The heavily-weighted Valeant Pharmaceuticals International provided the biggest boost to the index, jumping 3.6% to $230.97, while the overall healthcare group rallied.
The dovish Fed minutes helped gold prices soar to three-week highs, prompting shares of gold miners to follow the commodity's rise. Goldcorp led the charge, rising 3.5% to $18.29, while Barrick Gold Corp rallied 4.8% to $9.78.
Oil and gas shares shadowed seesawing crude oil prices, which at one point had their biggest rise in more than six years. The commodity was pinched by profit-taking, however, with investors closing positions ahead of the weekend.
TransCanada Corp was the biggest drag on the downside, sliding 1.4% to $45.22, while Encana Corp retreated 2.9% to $11.42. Energy stocks eased.
Toronto-Dominion Bank led the financials retreat, dipping 0.4% to $53.32, while the overall sector was off.
On the economic front, Statistics Canada reported that the economy created only 12,000 jobs in September, as the unemployment rate was boosted 0.1 percentage points to 7.1%., with more people taking part in the labour market.
ON BAYSTREET
The TSX Venture Exchange added 2.98 points to 550.02.
Nine of the 13 TSX subgroups were positive midday, as metals and mining thundered 3.7% higher, gold gained 2.9%, and health-care muscled up 2.7%
The four laggards were weighed mostly by energy stocks, dipping 0.9%, while financials slid 0.6%, and consumer staples skidded 0.6%.
ON WALLSTREET
U.S. stocks traded in a range Friday as investors wrapped up a solid week of gains, after the key September Fed meeting minutes and ahead of earnings season.
The Dow Jones industrial average moved forward at noon hour by 16.1 points to 17,066.85, with UnitedHealth leading advancers and Intel the greatest laggard.
The S&P 500 eked higher 1.24 points to 2,014.67, with industrials leading six sectors higher and telecommunications the greatest decliner.
The NASDAQ index gained 16.91 points to 4,827.70, as Apple held about 2% higher
The major indexes attempted to trade higher after briefly turning negative. They are on track for gains of about 2.5% or more for the week.
Traders also awaited the beginning of earnings season, which gets underway with JPMorgan results next Tuesday. Alcoa reported earnings after the close Thursday that missed on both the top and bottom line.
On the data front, import prices fell 0.1% in September, less than the expected 0.5% drop. However, export prices fell 0.7%, more than the 0.2% forecast by economists.
Wholesale trade for August showed a 0.1% increase in inventories, while wholesale sales declined 1%.
Atlanta Fed President Dennis Lockhart said in a Reuters report Friday morning that a U.S. interest rate hike is still probably coming in October or December despite some conflicting economic signals, reinforcing the central bank's message.
New York Fed President William Dudley said on CNBC that the "international developments in August and financial developments in August raised some questions about the strength of the global outlook."
Separately, the Chicago Fed's Charles Evans is also scheduled to speak
Prices for 10-year U.S. Treasuries were down slightly, raising yields back to Thursday’s 2.11%. Treasury prices and yields move in opposite directions.
Oil prices gained 39 cents a barrel to $50.02 U.S.
Gold prices rallied $15.37 to $1,154.38 U.S. an ounce.
