Canadian stocks opened higher on Friday, supported by reports that China could fast-track infrastructure spending to boost its economy.
The S&P/TSX composite index grew 72.11 points to open the week’s last session at 14,250.95
The Canadian dollar gained 0.57 cents at 90.65 cents U.S.
Smartphone maker BlackBerry saw its shares bolt 59 cents, or 5.9%, to $10.55, as it revealed full-year revenues of $3,194.1 million, a 10% increase compared to the year before.
Net income was $59.7 million or basic earnings per share of $0.53. The struggling Waterloo, Ont., tech company has been revising its business for the past year to stay competitive against the likes of Apple and Samsung.
Metals stocks climbed, most notably Capstone Mining, up a dime, or nearly 3.5%, to $2.99. Among base metals stocks, Teck Resources showed promise, gaining 44 cents, or 1.9%, at the outset to $23.81.
Gold stocks stubbed their toes, however, with Iamgold slipping a nickel, or 1.3%, to $3.83, and Alamos Gold going south by 29 cents, or 2.8%, to $10.08.
ON BAYSTREET
The TSX Venture Exchange recovered 1.32 points to 986.67
All but two of the 14 Toronto subgroups were stronger to begin Friday, with information technology rumbling 1.6% higher, metals and mining popping 1.5%, and global base metals surging 1.3%.
The two laggards were gold, down 0.6%, and utilities, off a mere 0.01%.
ON WALLSTREET
Investors looked as if they had found some inspiration heading into the weekend, a positive sign for stocks as the end of the first quarter draws near.
The Dow Jones Industrial Average sprang higher by 142.59 points to 16,406.82. The S&P 500 index leaped 15.22 points to 1,864.26. The NASDAQ spiked 40.35 points to 4,191.58
The first three months of 2014 have been bumpy, and it's possible all the major indexes could end the quarter in the red. The Dow has declined by more than 1% since the start of the year. The S&P 500 is up just around 0.7% and the NASDAQ is essentially flat over the same period.
Shares of Blackberry are surging, after the mobile device maker reported a narrower-than-expected loss for its fiscal fourth quarter. New CEO John Chen is trying to reverse the company's fortunes, and said in a statement that BlackBerry is "on sounder financial footing today with a path to returning to growth and profitability.".
Blackberry has been recovering since the start of the year on hopes the company's CEOcan revive the struggling smartphone maker. However, shares have declined over the past few days as investors worry about the company's turnaround plans and Societe Generale downgraded the stock to "sell".
Shares of Restoration Hardware are climbing after the furniture goods seller reported better than expected fourth quarter earnings.
Investors will be watching the stock of CBS Outdoor Americas. The outdoor advertising arm of CBS Corp. begins trading on the New York Stock Exchange today.
The initial public offering was priced last night at $28 U.S. a share valuing the company at more than $3 billion U.S. It's another test for the value of "old media".
Also on the radar, Wal-Mart has sued Visa for $5 billion U.S. in a price-fixing case related to credit card swipe fees. Retailers and credit card companies have been fighting over these fees for years, but this latest move comes with a potentially hefty price tag.
Banks, especially Citigroup, were among the biggest losers Thursday, but Citigroup edged up slightly in early trading. The Fed said Citi failed its stress test, but for "qualitative" reasons.
Economically speaking, consumer spending rose 0.3% in February, the biggest gain in three months. Personal income also gained 0.3% last month.
Prices for 10-year U.S. Treasuries sagged, propping up yields to 2.70% from Thursday’s 2.67%. Treasury prices and yields move in opposite directions.
Oil prices gained 79 cents to $102.05 U.S. a barrel.
Gold prices fell $5.10 to $1,289.60 U.S. an ounce.
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