The Toronto stock market moved higher Friday morning as investors’ appeared to focus on data that lifted their spirits about the U.S. economy on the last day of trading before a holiday break.
The S&P/TSX Composite advanced 62.16 points to approach noon at 11,938.64
The Canadian dollar added 0.13 cents to 98.08 cents U.S. The markets will be closed Monday and Tuesday for Christmas and Boxing Day
On the economic slate, Canada's economy stalled in October after four consecutive month-on-month increases, a sign the country is feeling the effect of increasing global uncertainty, Statistics Canada data indicated on Friday.
The report said that the output of goods producing industries fell 0.2% due to declines in utilities, construction, mining and oil and gas extraction. The agency said these declines offset a gain in manufacturing.
The TSX Venture Exchange garnered 13.84 to 1,457.55, while the Nasdaq Canada index moved upward 0.92 points to 366.74
All but two of the 14 Toronto subgroups moved forward by noon ET. Industrial issues surged 1.2%, while consumer discretionaries gained 1.1%, and financials moved up 0.9%.
The lone naysayers were in the global base metals sector, down 0.3%, and the metals and mining sector, off 0.01%.
ON WALLSTREET
In New York, trading floors are quiet today with many investors packed up ahead of the holiday weekend.
Even so, investors pushed stock indexes higher as economic reports continue to provide glimmers of hope for the U.S. economy with better-than-expected reports on personal spending, income and housing released Friday morning.
The Dow Jones Industrials gained 77.46 points in the lead-up to lunch, to 12,247.10
The S&P 500 picked up 7.69 points to 1,261.69, while the Nasdaq Composite marched ahead 11.51 points to 2,610.96
Investors are watching yields on Italian 10-year bonds, which have moved up to the danger zone of 7%. Despite that, European markets are in positive territory.
Economically speaking, U.S. November durable goods orders rose 3.8%, more than the 2% forecast and above October's flat reading.
Both personal income and personal spending rose 0.1% in November.
Moreover, a Commerce Department report on new home sales showed that new home construction rose 1.6% in November compared to 1.3% in October. The figure beat expectations but still shows a relatively sluggish pace of growth in the housing sector.
The price on the benchmark 10-year U.S. Treasury eased, pushing the yield up to 2.02% from 1.95% Thursday. Treasury prices and yields move in opposite directions.
Oil for January delivery gained 36 cents to $99.89 U.S. a barrel.
Gold futures for February delivery fell eight cents to $1,609.80 U.S. an ounce.
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