TSX Finishes Positive

Baytex, Shopify Stand Out

Toronto markets closed up shop on a positive note Friday, mostly owing to climbing oil prices which reinforced the energy sector.

The S&P/TSX Composite Index gained 81.06 points, to complete the day and the week at 16,480.53

The Canadian dollar gained 0.26 cents at 75.01 cents U.S.

Energy stocks enjoyed most of the spoils, with Baytex Energy rising six cents, or 1.9%, to $2.90, while Suncor climbed 36 cents to $44.24.

Financials also fared well, as Manulife Financial bolstered 19 cents to $24.19, while Toronto-Dominion gained 76 cents, or 1%, to $74.44.

Tech stocks also pointed upward, as Shopify gained $4.11, or 1.5%, to $286.28, and Constellation Software piled on $7.68 to $1,197.50

Gold stocks faded a mite, as Barrick Gold lost four cents to $17.91, while Kinross Gold fell two cents to $4.63

Materials slipped, as Agnico Eagle Mines lost 34 cents to $56.33.

ON BAYSTREET

The TSX Venture Exchange gained 1.23 points to 625.64

All but two of the 12 Toronto subgroups were in the green on the day, as energy climbed 0.9%, financials hiked 0.7%, and information technology improved 0.6%.

The two laggards were gold, down 0.6%, and materials, inching back 0.04%.

ON WALLSTREET

Stocks rose on Friday after a slew of positive corporate news that included strong bank earnings and Disney unveiling a new streaming service.

The Dow Jones Industrial Average leaped 269.25 points, or 1%, to 26,412.30

The S&P 500 acquired 19.09 points to 2,907.41.

The benchmark broke above the key 2,900 level for the first time in six months and stood at less than 1% from a record high. It’s also the third consecutive weekly gain for the S&P 500.

The NASDAQ Composite gained 36.81 points to 7,984.16

J.P. Morgan Chase kicked off the corporate earnings season on Friday by reporting better-than-expected results. The company said "impact of higher rates" boosted its results, along with its fixed-income trading revenues. Wall Street cheered J.P. Morgan’s report, sending the stock up 4.7%.

Wells Fargo also reported better-than-expected results on the back of its consumer lending business.

Investors came into the season expecting it to be a tough one for companies. Experts expected first-quarter earnings to have fallen 4.2% in the first quarter.

Disney shares added to the gains, rising more than 11% after the media giant unveiled a streaming service at a lower price point than Netflix. Shares of Netflix, meanwhile, dipped 4.5%.

Sentiment was also boosted on Friday by a massive deal in the energy sector. Dow member Chevron announced plans to acquire Anadarko Petroleum for $33 billion in cash and stock. The deal values Anadarko at a 37% premium from the stock’s close on Thursday. Anadarko shares jumped 32% while Chevron fell nearly 5%.

Friday’s gains put the S&P 500 on pace for its third consecutive weekly gain. On top of Friday’s deluge of corporate news, investors digested the release of the Federal Reserve’s minutes from its March meeting as well as further progress on U.S.-China trade talks.

Prices for the benchmark 10-year U.S. Treasury fell sharply, raising yields to 2.56% from Thursday’s 2.50%. Treasury prices and yields move in opposite directions.

Oil prices held onto gains of 21 cents to $63.79 U.S. a barrel.

Gold prices regained 50 cents to $1,293.80 U.S. an ounce.