The resource-based Toronto stock market took baby steps out of the starting gate Friday morning, as if unsure what to make of recent signs the American economy is not progressing at the robust pace once thought.
The S&P TSX Composite Index gained 19.28 points to begin the week’s final session at 12,483.60
The Canadian dollar gained 0.02 cents to 99.83 cents U.S.
Among Canadian stocks, Research In Motion Ltd. rose 1.6% after Fairfax Financial Holdings Ltd.'s Prem Watsa increased his holdings in the BlackBerry maker to a 5.12% stake
Elsewhere, in other earnings news, Wood-based panels maker Norbord Inc. posted a $9-million loss in the fourth quarter as the company continued to be affected by troubles in the U.S. housing market. Sales were $229 million, down from $240 million.
ON BAYSTREET
The TSX Venture Exchange advanced 6.26 points to 1,621.03, while the Nasdaq Canada index moved up 5.24 points to 411.97.
The 14 Toronto subgroups were evenly split between gainers and losers. Information technology leaped 1.6%, while gold prospered 1%, and materials were 0.8% stronger.
The laggards were weighed mostly by health-care, off 0.5%, telecoms, down 0.4% and real-estate, sliding 0.3%.
ON WALLSTREET
In New York, stocks retreated at the open Friday as jittery investors digested a weaker-than-expected economic growth report and as Europe's debt crisis still looms in the background.
The Dow Jones Industrials slipped 44.20 points in the session’s first hour to 12,690.40.
The S&P 500 sank 5.02 points to 1,313.41, while the tech-rich Nasdaq Composite Index acquired 5.44 points to 2,810.72.
Starbucks beat Wall Street estimates with strong earnings and revenue in its fourth quarter. But shares of the coffee chain slipped as shares were underwhelmed by the company's profit outlook for the future.
Ford, aided by a one-time gain, posted 2011 profit of $20.2 billion U.S. -- its biggest since 1998. But for the quarter alone, earnings missed forecasts, and shares of Ford tumbled.
Transocean shares rose after a federal judge cleared the company of some damages related to the Deepwater Horizon spill, because it was shielded by a contract with well-owner BP. BP shares slumped.
Chevron shares sank, leading the losses on the Dow, after the company posted its biggest drop in quarterly earnings in two years.
Procter & Gamble also fell after the maker of Tide detergent, Crest toothpaste and Pringles snacks lowered its outlook for the year.
The losses came as investors reacted to the government's first reading on fourth-quarter gross domestic product.
Anxiety also continues to loom over Greece's ongoing negotiations with private-sector creditors in an attempt to reduce its debt burden. Without an agreement, the country jeopardizes its access to bailout funds and might not be able to make a €14-billion debt payment that's due March 20.
On the economic beat, the United States economy picked up speed at the end of 2011, growing at an annual rate of 2.8%, as consumers increased their spending. But the data fell short of the 3.2% forecast, based on a consensus of economists surveyed by Briefing.com.
Investors had been hoping for news that would back up growing optimism about the nation's economic recovery. Instead, the news seems to jive with the Federal Reserve's lower outlook for the economy.
The Fed announced Wednesday that it plans to keep the federal funds rate near zero until late 2014, because the recovery remains too slow to warrant higher interest rates any time soon.
Treasury prices for the 10-year note held firm, keeping yields unchanged from Thursday’s 1.93%.
Oil for February delivery were stronger by 46 cents to $100.16 U.S. a barrel.
Gold futures for February delivery fell $4.10 to $1,722.60 U.S. an ounce.
