Equities in Canada’s largest centre fell at the open on Friday, with materials stocks leading declines as prices of precious metals slumped, while financial stocks were also a drag on the index.
The TSX advanced 27.66 points to kick off 27.66 at 20,728.16.
The Canadian dollar eked higher 0.02 cents at 75.10 cents U.S.
National Bank of Canada raised TransAlta to "outperform" from "sector perform". Shares in the electricity generator company took on 22 cents, or 1.7%, to $12.94.
ON BAYSTREET
The TSX Venture Exchange leaped 4.57 points to 625.71.
Seven of the 12 subgroups were higher, with energy towering 1.6%, health-care better by 0.8%, and information technology ahead 0.7%.
The five laggards were weighed most by gold, down 1%, while utilities and materials suffered 0.3% each.
ON WALLSTREET
Stocks rose Friday, and all the major averages headed for a winning week fueled by better-than-expected economic growth and a pop in market-darling Tesla.
The Dow Jones Industrials gained 50.12 points to 33,999.53.
The S&P 500 picked up 13.73 points to 4,074.16.
The NASDAQ Composite moved higher 42.01 points to 11,554.42.
All the major averages are positive for the week and month. The Dow has added 1.7% and the S&P 500 has gained 2% this week The NASDAQ is up 3.2% on the week and is set to notch its best monthly performance since July. The NASDAQ has gained the last four weeks. Tesla rose 3% Friday, building on a 24% weekly gain on the back of an earnings beat.
So far this year, markets have bucked 2022's selloff trend. The Dow is up 2.8%, while the S&P has gained 6.1%. The NASDAQ has surged more 10.6%
Earnings season continued, with Intel slumping more than 8% following a dismal earnings report that missed on the top and bottom lines. Strong guidance boosted American Express 9% despite a top-and bottom-line miss.
Stocks are coming off a positive session. Investors cheered a better-than-expected fourth quarter gross domestic product report that stoked hopes that the U.S. economy can experience a soft landing as the central bank hikes rates to tame inflation.
Prices for the 10-year Treasury fell, raising yields to 3.54% from Thursday’s 3.47%. Treasury prices and yields move in opposite directions.
Oil prices gained back $1.04 to $82.05 U.S. a barrel.
Gold prices sagged $4.10 to $1,925.90 U.S. an ounce.
