The Toronto stock market opened lower after data showed first quarter U.S. growth was weaker than expected.
The S&P/TSX index dropped 51.21 points to begin Friday at 12,278.30
The Canadian dollar strengthened 0.08 cents at 98.10 cents U.S.
Barrick Gold Corp. said the head of its South American operations has resigned, adding the company is shaking up its troubled Pascua-Lama mine with the aim of meeting Chilean regulatory requirements to unfreeze the project. Even so, Barrick shares opened the day’s trading four cents higher at $19.50 each.
No major Canadian economic data is scheduled for release today.
ON BAYSTREET
The TSX Venture Exchange slid 1.96 points to 962.71
All but three of the 14 Toronto subgroups were lower at the outset, weighed by losses of 1.9% in the metals and mining sector, by 1.1% slowdowns in the gold sector, and a 0.7% retracing in the energy sector.
The three gainers were consumer discretionary and telecoms, each up 0.07%, and industrials, nosing up 0.01%.
ON WALLSTREET
The latest reading on U.S. economic growth failed to excite investors Friday morning.
Still, the Dow Jones Industrials gained 19.05 points to kick off the Friday session at 14,719.80
The S&P 500 index shaved off 0.03 to 1,585.13. The tech-heavy NASDAQ Composite retreated 14.69 points to 3,275.30
Chevron traded up on better-than-expected earnings.
D.R. Horton's stock price surged, after the home builder reported a near doubling of quarterly net income on Friday, riding the wave of the recovering housing market.
Burger King Worldwide rose after the chain reported an increase in profits.
Starbucks came under pressure after issuing downside guidance for the current quarter and reaffirming its revenue outlook for the year.
Amazon shares fell precipitously, after the online retailer reported a profit decline.
J.C. Penney shares surged after hedge fund mogul George Soros said late Thursday that he had taken a 7.9% stake in the ailing retailer.
Economically speaking, the U.S. government said GDP grew at an annual pace of 2.5% in the first quarter. That fell short of the 2.8% economists were predicting and up from a measly 0.4% in the fourth quarter of 2012.
Prices on the 10-year U.S. Treasury grew, dropping yields to 1.68% from Thursday’s 1.71%. Treasury prices and yields move in opposite directions.
Oil prices faltered 53 cents to $93.11 U.S. a barrel.
Gold prices marched $6.40 to $1,468.30 U.S. an ounce
