Canada’s main stock market weaved its way into a long weekend by taking on more strength, after San Francisco Federal Reserve Bank President John Williams hinted the U.S. central bank could begin pulling back its aggressive monetary easing policy this summer.
The S&P/TSX composite index began Friday up 49.14 points to 12,556.74
The Canadian dollar subsided nearly a full cent to 97.12 cents U.S.
Raymond James raised the target price on CAE Inc. to $12.50 from $12 on valuation after the company reported better-than-expected fourth-quarter results. CAE stock dipped 37 cents to $10.89 soon after the opening bell.
Paradigm Capital cut the price target on Copper Mountain Mining to $6 from $6.25 after the company announced that its SAG mill motor transformer failed, which could impact 2013 copper production. Copper Mountain shares opened Friday lower by 16 cents, or 9.2%, to $1.53.
In the economic file today, Statistics Canada reported this morning that the consumer price index rose 0.4% in the 12 months leading up to April, following a 1.0% increase in March.
The agency also said wholesale sales advanced by 0.3% in March to $49.1 billion, due mostly to higher sales in the motor vehicle industry.
ON BAYSTREET
The TSX Venture Exchange recovered 1.56 points to 934.42
All but two of the 14 Toronto subgroups were higher in the session’s first hour, led by global base metals, climbing 1.8%, energy, roaring ahead 1.2%, and information technology, up 1.1%.
The two laggards were gold, skidding 1.7%, and materials, doffing 0.8%.
ON WALLSTREET
The continued optimism of American consumers helped give U.S. stocks a boost early Friday, putting the market on track for a fourth week of gains.
The Dow Jones Industrials gained 64.81 points to start the day at 15,298.
The S&P 500 index moved higher by 8.45 points to 1,658.92, while the NASDAQ Composite added 17.59 points to 3,482.83
The Dow and S&P 500 have hit new record highs this week, but stocks pulled back Thursday amid a raft of mixed economic reports and as some Fed officials called for an end to monetary stimulus this year.
Meanwhile, gold prices dropped nearly 1% to trade firmly below $1,400 U.S. an ounce. The precious metal has taken a beating during the past few weeks as investors rotate out of safe-haven assets.
J.C. Penney shares slid after the ailing retailer reported another massive loss.
The losses came during a quarter in which J.C. Penney announced the departure of CEO Ron Johnson, a former Apple retail executive hired in 2011 to revive the floundering chain.
Mike Ullman, the former CEO who took back the reins from Johnson, pledged to reemphasize the company's private brands and improve the performance of its online store.
On the higher end of the retail spectrum, Nordstrom shares sank after the company reported weaker-than-expected revenue growth and trimmed its sales outlook.
A year after Facebook's disastrous stock market debut, the social network's stock is still 30% below its IPO price of $38 U.S. a share.
The company went public on May 18, 2012, in one of the most highly anticipated IPOs ever. But its stock performance has been abysmal and some investors are relieved to have missed out on the deal.
Dell shares edged lower after the PC maker reported lower-than-expected earnings.
Tesla raised $968 million U.S. in a secondary offering of common stock and convertible notes. The electric car maker's founder and chairman, Elon Musk, personally bought $100 million U.S. worth of shares.
Prices on the 10-year U.S. Treasury faded, raising yields to 1.91% from Thursday’s 1.86%. Treasury prices and yields move in opposite directions
Oil prices hiked 83 cents to $95.99 U.S. a barrel.
Gold prices dropped another $17.20 at $1,369.50 U.S. an ounce
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