Stocks cut losses


Losses for Canada's benchmark index were down Friday, with health-care and tech stocks still pushing higher.

The S&P/TSX composite index remained negative 57.38 points to close off the week at 14,812.42.

The Canadian dollar skidded 0.8 cents to 79.29 cents U.S.

Commodity prices remained low but miners managed to turn in a gain from a sharp decline at midday. Sherritt International gave back two cents to $2.19, while Teck Resources shed 54 cents, or 3%, to $17.47.

Energy stocks, however, were still under pressure but entered mid-afternoon with a smaller loss. Imperial Oil surrendered 46 cents to $50.43, while Canadian Natural Resources gave up 41 cents to $38.67.

Financials continued to slide as Royal Bank lost 70 cents to $75.09.

Meanwhile, healthcare added to earlier gains as Catamaran Corp. hiked 52 cents, or 0.9%, to $60.84.

Info tech was led higher by a 2.8% jump in BlackBerry shares to $11.92, on the back of the smartphone maker's strong quarterly results.

Allana Potash, climbing 14.5 cents, or 43.9%, was the most heavily traded stock, closing at 47.5 cents.

ON BAYSTREET

The TSX Venture Exchange gained 1.87 points to 681.43

Eight of the 14 Toronto subgroups were higher on the day, as health-care issues climbed 0.8%, information technology clicked 0.6%, and consumer discretionary stocks gained 0.5%.

The half-dozen laggards were led lower by global base metals and energy issues, each down 0.9%, while financials sank 0.8%.

ON WALLSTREET

U.S. stocks closed mildly higher on Friday as equities digested Federal Reserve Chair Janet Yellen's remarks and investors remained cautious ahead of first quarter earnings in April.

The Dow Jones Industrials stepped forward 34.43 points to close Friday and the week at 17,712.66 with Intel and UnitedHealth leading gains and Chevron the greatest laggard.

The S&P 500 grew 4.87 points to 2,061.02. The NASDAQ added 27.86 to 4,891.22.

Yellen said a rate increase may be warranted later this year, adding that an increase in core inflation is not essential before the Fed raises rates.

In corporate news, Intel gained more than 6% after Dow Jones reported the firm is in talks to buy Altera.

BlackBerry gained 2% after posting earnings of four cents a share, beating expectations for a four-cent loss. However, revenue was far below Street forecasts as sales from services exceeded those from hardware.

Cruise ship operator Carnival surged more than 6% after reporting earnings that showed a net profit of $49 million U.S. or six cents a share.

Dow Chemical will spin off part of its chlorine derivatives business and merge it with Olin Corporation, creating a company with annual revenue of about $7 billion U.S. It will get about $2 billion U.S. in cash and about $2.2 billion U.S. in Olin stock as part of the deal.

American Apparel's ex-CEO Dov Charney is seeking $40 million U.S. in damages for alleged breach of his employment contract.

Charney was removed from his job in December following a six-month suspension amid allegations of misusing funds.

Apple Chief Executive Officer Tim Cook plans to donate his estimated $785-million U.S. fortune to charity, according to a Fortune article.

Amazon.com is in talks to buy online luxury retailer Net-a-Porter, according to Forbes, in what might be the largest-ever acquisition for Amazon

The third estimate for fourth-quarter U.S. gross domestic product (GDP) came in unchanged at 2.2%. While corporate profits fell, consumer spending was revised higher to 4.4% from 4.2%, the fastest rate since the first quarter of 2006.

Most analysts expected a rise to 2.4% from 2.2%. However, a few estimates say weak U.S. economic data could result in a negative revision.

The University of Michigan's final consumer sentiment reading for March was 93.0, slightly above estimates but below February's 95.4.

Prices for 10-year U.S. Treasuries gained, lowering yields to 1.95% from Thursday’s 2%. Treasury prices and yields move in opposite directions.

Oil prices weakened $3.11 to $48.32 U.S.

Gold prices lost $8.10 to $1,196.70 U.S.

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