Equities in Toronto clung tenaciously to gains by midday on Friday, on course for it second consecutive week of gains on optimism over a slowing pace of interest rate hikes and upbeat earnings.
The TSX Composite remained green 20.97 points to pause for lunch at 19,373.08.
The Canadian dollar dropped 0.33 cents to 73.38 cents U.S.
Earnings continued to be a bright spot, with Imperial Oil surging $5.85, or 8.7%, to $73.32, after it reported a jump in third-quarter profit on the back of higher energy prices.
Air Canada rose 72 cents, or 3.7%, to $20.01, after the carrier said its quarterly revenue more than doubled as it flew more people helped by strong summer travel demand.
Communication stocks were among the weak performers, after two companies failed to mediate their differences with the Competition Bureau over a merger deal.
Rogers shares sank 43 cents to $56.92, while Shaw shares subtracted $2.09, or 5.8%, to $34.16.
On the economic front, Statistics Canada said real gross domestic product edged up 0.1% in August, led by services-producing industries.
ON BAYSTREET
The TSX Venture Exchange poked ahead 0.09 points to 593.76.
The 12 TSX subgroups were split down the middle, with consumer staples soared 1.2%, consumer discretionary and industrials each taking on 0.8%.
Of the half-dozen laggards, materials shrank 1.8%, gold dipped 1.4%, and energy retreated 0.9%.
ON WALLSTREET
Stocks rose on Friday despite a tumble in Amazon shares after economic data pointed to slowing inflation and a steady consumer.
The Dow Jones Industrials leaped 636.18 points, or 2%, to 32,669.40
The S&P 500 climbed 63.25 points, or 1.7% to 3,870.55.
The NASDAQ jumped 191.59 points, or 1.8%. to 10,984.26.
The Dow is set for gains of 4% on the week, and the S&P is on pace to end the week higher by about 2%. The NASDAQ looks to finish slightly lower.
For the Dow, it would be its fourth positive week in a row.
Amazon plunged by 13% after the company posted weaker-than-expected quarterly revenue and issued disappointing fourth-quarter sales guidance Thursday. Apple shares were initially lower too in extended trading Thursday after the company reported weaker-than-anticipated iPhone revenue, but the stock has reversed and was last up more than 7%. The company beat Wall Street estimates for quarterly earnings and revenue.
Apple and other more positive performers, like Intel, have given investors footholds within what some see as a particularly tumultuous tech sector, subsequently providing upward pressure to the tech-heavy Nasdaq, say the experts, who added the market was also boosted by oil giants Chevron, better by 2% and Exxon Mobil, up 0.8%, after both reported beating expectations before the bell.
The market got a boost after the core personal consumption expenditures price index in September increased 0.5% from the previous month and 5.1% from a year ago, still high but mostly in-line with expectations.
This is the preferred gauge of inflation for the Federal Reserve. Personal spending rose 0.6%, more than expected, the data showed.
Treasury prices faded, raising yields to 4% from Thursday’s 3.92%. Treasury prices and yields move in opposite directions.
Oil prices sagged $1.19 to $87.89 U.S. a barrel.
Gold prices dipped $22.30 to $1,643.30 U.S. an ounce.
