The Toronto stock market was slightly higher Friday amid data showing another month of strong job creation in Canada.
The S&P/TSX Composite Index forged higher by 31.29 points to reach noon at 11,767.46
The Canadian dollar jumped 0.52 cents to 100.33 cents U.S.
Blue chips helped provide lift to the TSX as the financial sector rose.
National Bank gained 75 cents to $74.06 and Sun Life Financial ran ahead 90 cents to $23.45.
Industrial stocks also advanced with Canadian National Railways ahead 84 cents to $81.65.
TSX commodity stocks recovered from early sharp losses that followed the release of data showing growth in the Chinese economy slowing faster than previously believed.
The energy sector turned positive, as Canadian Natural Resources gained 24 cents to $31.39.
Metal prices also retreated with July copper off four cents to $3.65 U.S. a pound. China is the world's biggest consumer of the metal which is viewed as an economic barometer as it is used in so many different industries. The base metals sector was ahead, with Ivanhoe Mines declining 37 cents to $9.62 while Inmet Mining rose $1.18 to $47.07.
Gold prices weakened as Barrick Gold Corp.gave back 20 cents to $37.61.
In earnings news, TMX Group Inc. reported a 10% drop in first-quarter net profits to $56.8 million Friday as the operator of Canada’s major financial markets saw a decline in quarterly revenues. Its shares were unchanged at $47.25 U.S.
Economically speaking, Statistics Canada reported this morning that employment increased by 58,000 in April, mostly in full-time work. However, with more people searching for work, the unemployment rate increased by 0.1 percentage points to 7.3%.
ON BAYSTREET
The TSX Venture Exchange slipped 5.34 points to 1,349.97, while the Nasdaq Canada gained 3.10 points to 382.57.
In all, 10 of the 14 Toronto subgroups turned north again by midday. Industrials and financials each gained 0.8%, while telecoms picked up 0.4%.
The four gainers were weighed by gold, down 0.8%, global base metals, settling 0.5% and materials, off 0.3%.
ON WALLSTREET
U.S. stocks rose Friday as better-than-expected economic data offset concerns about JPMorgan's $2-billion trading loss.
The Dow Jones Industrials regained 28.19 points to break for lunch at 12,883.23
The S&P 500 recaptured 3.65 points to 1,361.64. The tech-rich Nasdaq Composite Index moved forward 15.94 to 2,949.58.
The technology sector was supported by shares of chip-maker Nvidia, which rose nearly 9% on better-than-expected quarterly results.
Shares of JPMorgan Chase fell 7% after the firm disclosed late Thursday a $2 billion loss. CEO Jamie Dimon cited "errors" and "bad judgment" in trades meant to hedge risk.
The news raised worries as to whether conditions since April would cause more unreported losses at other big banks. Shares of Citigroup, Morgan Stanley, Bank of America and Goldman Sachs fell sharply.
Stocks were supported by an index of consumer confidence, which rose to a four-year high in May. Investors also welcomed a report that showed inflation remained subdued in April.
Shares of upscale retailer Nordstrom fell after it reported earnings of 70 cents U.S. a share, which fell five cents short of forecasts, despite revenue that was roughly in line with forecasts.
U.S. shares of Sony fell after it sank 6.5% in Tokyo to a multi-decade low in its home market. Sony reported lower earnings after the close of the market in Tokyo on Thursday, which hit before the New York exchange opened.
Greek politicians are still struggling to form a coalition government, which makes the future of austerity measures and a European bailout of its debt unclear.
Spain announced a new round of bank reforms Friday, including independent audits of all Spanish banking assets, and requirements for more reserves to protect against real estate loan losses, in an effort to assure investors about the banks' viability. The rules come two days after Spain partially nationalized one of its largest banks.
The yield on the Spanish 10-year bond edged back above the 6% benchmark that raises alarms with investors.
Meanwhile, further worries about weaker-than-expected economic growth in China could weigh on markets. A report from China Friday showed an unexpected drop in the rate of industrial production growth, which could feed fears of a so-called hard landing for the world's number-two economy.
On the economic slate, lower energy prices took wholesale prices down 0.2% in April, according to the U.S. Labor Department's producer price index. Economists surveyed by Briefing.com had expected prices to be unchanged from March. But stripping out volatile food and energy prices left core wholesale prices up 0.2%, which matched forecasts.
The Reuters/University of Michigan consumer sentiment index for May rose to 77.8 from 76.4 in April. It was the highest level since January 2008. Economists surveyed by Briefing.com predicted the index to come in at 75.
The price on the benchmark 10-year U.S. Treasury gained ground pushing the yield down to 1.85% from Thursday’s 1.88%. Treasury prices and yields move in opposite directions.
The price of a barrel of oil fell back 25 cents to $96.83 U.S.
Gold futures for June delivery tumbled $14.10 to $1,581.40 U.S. an ounce.
