Equity markets were mostly higher Friday as key U.S. retail sales figures came in slightly softer than expected and attention remained focused on next week's meeting of the U.S. Federal Reserve.
The S&P/TSX composite index jumped 22.35 points to close the day and week at 12,727.40, after yesterday’s 120-point-plus loss
The Canadian dollar was down 0.22 cents to 96.64 cents U.S.
The metals and mining sector declined on the TSX. Shares in HudBay Minerals were down six cents, to $7.92. December copper was unchanged at $3.20 U.S. a pound. Teck Resources shares declined 39 cents to $28.04.
The gold sector improved, though gold prices continued to fall after closing at their lowest level in a month on Thursday. Among gold plays in Toronto, Barrick Gold gained 15 cents to $18.34, while Kinross Gold perked eight cents to $5.36.
The consumer discretionary sector gained, as shares in Magna International advanced 2.6%, or $2.11, to $84.85.
In corporate news, several Canadian pipeline companies have struck a deal that could resolve a dispute over how key infrastructure is shared in the Greater Toronto Area.
A joint announcement says that TransCanada has reached a revised agreement with Enbridge, Gaz Metro and Union Gas. The agreement includes a revised framework for tolls on TransCanada's mainline and the proposed Kings North project. TransCanada stock faded 11 cents a share to $45.37, while Enbridge shares lost 13 cents to $42.21.
In other economic news, Statistics Canada reported that Canadians boosted their borrowing in the second quarter. The federal agency says the ratio of household credit market debt to disposable income hit a new high of 163.4% in the second quarter, compared with 162.1% in the first three months of 2013.
On the other hand, Statistics Canada also said rising home prices pushed up household net worth in the second quarter.
ON BAYSTREET
The TSX Venture Exchange regained 1.11 points to close at 941.50, after spending much of the day in negative territory.
Eight f the 14 Toronto subgroups were higher on the day, led by gold, up 1.8%, materials, ahead 1.4%, and consumer discretionaries, tacking on 1%.
The half-dozen laggards fell mostly on the backs of metals and mining, down 0.9%, while information technology and global base metals each slid 0.6%.
ON WALLSTREET
Stocks continued their September rally Friday as investors anticipated the next moves from the Federal Reserve and waited for more details on Twitter's IPO plans.
The Dow Jones Industrials were up 75.42 points to end Friday at 15,376.10.
The S&P 500 index gained 4.57 points to 1,687.99. The NASDAQ poked ahead 6.22 points to 3,722.18
The Dow has gained 3% this week, while the other two indexes rose nearly 2%. It’s poised to be the best week since January for the Dow and the best week since July for the S&P 500.
After a brutal August, the markets have enjoyed a better September with all three indexes are up more than 3%. The Dow and S&P 500 are both less than 2% from all-time highs, and the NASDAQ continues to trade near its highest level in 13 years.
Twitter grabbed plenty of headlines when the social networking site revealed after the closing bell Thursday that it had issued a confidential filing with the Securities and Exchange Commission for a planned Initial Public Offering.
Investors were awaiting more details on the offering. Twitter has not yet disclosed information about sales, profits and other key financial information. It is also not clear if the company will list its shares on the New York Stock Exchange or NASDAQ
But Twitter's IPO filing comes at a time when social media stocks are red-hot. Facebook and LinkedIn are near all-time highs. Groupon has more than doubled in 2013 while Yelp has more than tripled.
Shares of several of those social media companies fell on Friday, however.
Twitter's IPO news did boost two investment firms that have stakes in Twitter. Shares ofGSV Capital were up by more than 10% while the Firsthand Technology Value Fund was up more than 6%.
Also in the tech world, Intel shares were up almost 3% after receiving an analyst upgrade.
Yahoo, meanwhile, pulled back after reaching a five-year high Thursday
Dunkin' Brands caught investor's attention after shares jumped more than 2%. The company announced on Thursday it would be opening stores in the United Kingdom.
Investors also digested a batch of economic releases Friday. Before the opening bell, the U.S. Census Bureau reported that although monthly retail sales were up modestly in August, they were lower than expected. Auto sales rose nearly 1% in August, but consumers cut back at other retailers, including clothing and sporting good stores.
Despite the weaker sales, many investors still think that the Fed will decide to begin scaling back its quantitative easing program at a meeting next week.
Prices for the 10-year U.S. Treasury inched up, lowering yields to 2.90% from Thursday’s 2.91%. Treasury prices and yields move in opposite directions.
Oil prices dropped 18 cents to $108.42 U.S. a barrel.
Gold prices fell $10.80 at $1,318.80 U.S. an ounce.
