The Toronto stock market was higher Friday amid a generally positive bag of economic data from Canada and the U.S.
The S&P/TSX composite index was up 65.40 points to greet noon at 14,280.14
The Canadian dollar added 0.39 cents to 90.29 cents U.S.
The Toronto market is up about 4.8% this year, rebounding strongly from a selloff in January that was triggered by concerns about emerging market growth.
Financials added strength as Royal Bank of Canada climbed 0.5% to $72.76, and Toronto Dominion Bank gained 0.8% to $50.15.
Shares of energy producers rose, shrugging off declines in the price of oil. Suncor Energy Inc was up 0.6% at $36.78, and Canadian Natural Resources Ltd. advanced 0.5% to $40.60.
There was also major acquisition activity as U.S. toymaker Mattel, Inc. made a friendly takeover offer for Canadian company Mega Brands Inc. which has the world's number-two line of construction sets after Lego. The deal values the Montreal-based firm at $460 million U.S., including debt.
Mattel is offering $17.75 cash per share of Mega Brands, which closed Thursday at $13.07 on the Toronto Stock Exchange. On Friday, Mega Brands stock charged ahead 35.8% to $17.74.
Internationally, armed men took control of two airports in the Crimea region on Friday in what Ukraine's government described as an invasion and occupation by Russian forces, raising tension between Moscow and the West.
On the economic slate, Statistics Canada told this morning that real gross domestic product (GDP) expanded 0.7% in the fourth quarter, the same increase as in the third quarter. On a monthly basis, real GDP fell 0.5% in December.
ON BAYSTREET
The TSX Venture Exchange gained 4.50 points to 1,023.93.
Eight of the 14 Toronto subgroups were higher at noon ET. Energy led the parade, gushing 1%, while consumer discretionary stocks clicked 0.9% and industrials gained 0.8%.
The half-dozen laggards were anchored mostly by gold, down 0.7%, while health-care retreated 0.6% and global base metals slid 0.5%.
ON WALLSTREET
A key stock market index pushed even further into record territory early Friday as investors shrugged off another round of mixed economic news.
The Dow Jones Industrial Average climbed 114.05 points to break for lunch at 16,386.70
The S&P 500 index took on 12.34 points to a record of 1,866.63. The NASDAQ added 17.45 points to 4,336.38
After stumbling in January, stocks have come roaring back in February. The S&P 500 is on track to notch a gain of nearly 5% for the month.
Economically speaking, the U.S. government said gross domestic product -- the broadest measure of economic activity -- grew at an annual rate of 2.4% in the fourth quarter. That was weaker than previously estimated and marked a slowdown from the third quarter.
But investors were expecting the final reading to be revised lower, and the number was still better than some had feared.
Shares 3D Systems gained after the maker of 3-D printers reported strong quarterly results and issued an upbeat outlook. The news helped lift shares of other companies in the 3-D printing industry, including ExOne, Stratasys and Voxeljet.
3-D printing stocks have lost momentum since 3D Systems cautioned that its strong growth may slow this year. But the company's latest results seemed to reassure investors.
Citigroup reduced its previously reported fourth quarter results by $235 million U.S. to account for fraudulent activity in its Mexican subsidiary.
Shares of United Airlines slid after the airline said it had to cancel 22,000 flights during the first two months of the year because of the weather, prompting a profit warning.
Economists say reports on hiring, manufacturing and retail sales in December and January have been skewed by severe winter storms. But the economy was already losing momentum in the final three months of 2013, according to government data released Friday.
An index of manufacturing in the Chicago area came in better than expected, according to the Institute for Supply Management. And the University of Michigan's final reading on consumer sentiment in February also narrowly beat expectations.
Prices for 10-year U.S. Treasuries tailed off, raising yields to 2.68% from Thursday’s 2.64%. Treasury prices and yields move in opposite directions.
Oil prices recovered 22 cents to $102.62 U.S. a barrel.
Gold prices dropped $5.80 to $1,326.00 U.S. an ounce.
