Equities in Toronto rose on Friday, led by the country's heavyweight banks as U.S. fourth-quarter earnings season kicked off and bond yields rose.
The S&P/TSX Composite gained 70.81 points after a 70-point-plus loss Thursday, to greet noon at 15,488.97
The Canadian dollar eked up 0.02 cents at 76.06 cents U.S.
The index is on track to fall 0.1% for the week after last week reaching its highest since September 2014 at 15,621.40, a near all-time high.
Some of the most influential movers on the index were banks, with Toronto-Dominion Bank rising 0.7% to $67.56 and Royal Bank of Canada climbing 0.8% to $94.51. Manulife Financial rose 1.6% to $24.81.
Barrick Gold Corp declined 0.9% to $21.96
ON BAYSTREET
The TSX Venture Exchange moved 1.05 points higher to 790.69
All but three of the 12 TSX subgroups were higher midday, with consumer staples climbing 1%, while financials and consumer discretionary stocks each jumped 0.7%.
The three laggards were health-care, down 0.2%, gold, off 0.1%, and real-estate, skidding 0.04%.
ON WALLSTREET
Stocks rose on Friday, boosted by strong quarterly earnings from U.S. banks, while investors also digested several pieces of economic data.
The Dow Jones Industrials gained 22.31 points to 19,913.31, with Goldman Sachs leading gainers.
The S&P 500 stayed buoyant 6.7 points to 2,277.14, with financials rising around 1% to lead advancers.
The NASDAQ composite index improved 36.28 points to 5,583.47, to yet another record high.
Equity markets in the United States will be shuttered Monday for Martin Luther King Day.
JPMorgan Chase, Bank of America and PNC Financial all reported better-than-expected profits, but only JPMorgan exceeded revenue estimates.
Another company that reported quarterly results on Friday was BlackRock, the largest asset manager in the world. The firm posted better-than-expected profits, helped by lower expenses and a rush into low-cost exchange-traded funds.
U.S. wholesale prices rose 0.3% in December, led higher by more expensive gas, food and cars. The U.S. Labor Department said the producer price index, which measures price changes before they reach consumers, increased 1.6% last year.
Meanwhile, December retail sales rose 0.6%, reflecting a boost in confidence after the U.S. election.
Other economic data released Friday included December consumer sentiment, which came in slightly below estimates and business inventories, which rose 0.7% in November.
Prices for the benchmark 10-year Treasury note dropped sharply, hiking yields to 2.42% from Thursday’s 2.36%. Treasury prices and yields move in opposite directions.
Oil prices dipped 51 cents to $52.50 U.S. a barrel
Gold prices dropped $4.80 to $1,195 U.S. an ounce.
