Stocks in Canada’s biggest centre took their bruises to end the week, as health-care and consumer staples took a downward turn.
The S&P/TSX Composite Index descended 124.23 points to close the day and the week at 13,497.07.
The Canadian dollar let go of 0.31 cents to 76.76 cents U.S.
Valeant Pharmaceuticals continues to suffer losses, shedding $3.73 of its strength, or 9.7%, to $34.93. Concordia Healthcare faded $2.82, or 7.4%, to $35.11.
In the consumer staples sector, George Weston lost $2.30, or nearly 2%, to $115.10, while convenience store chain Alimentation Couche-Tard fell $2.07, or 3.5%, to $56.83.
Energy lost some notches as well, as Encana deducted 13 cents, or 1.6%, to $7.89, and Suncor Energy backtracked 56 cents, or 1.5%, to $36.00.
Gold stocks proved a beacon amid all the gloom, Goldcorp collecting a dime to $21.95, while Agnico-Eagle Mines inched up 16 cents to $49.51.
On the economic slate, Statistics Canada reported that the Consumer Price Index rose 1.4% in the 12 months to February, after increasing 2.0% in January. Monthly inflation dropped 0.2% in February, following a 0.2% increase in January.
Retail sales rose 2.1% to $44.2 billion in January, led by five sub-sectors that rebounded from lower sales in December. Gains were reported in seven of 11 sub-sectors, representing 82% of total retail sales.
ON BAYSTREET
The TSX Venture Exchange regained 1.62 points to end the week at 580.82
All but three of the 13 TSX subgroups were lower on the day, with health-care down 2%, consumer staples sliding 1.9%, and energy skidding 1.5%.
The three gainers were gold, up 1.2%, materials inching up 0.4%, and consumer discretionary stocks inching up 0.1%.
ON WALLSTREET
Equities closed higher Friday in New York, extending the rally that followed the U.S. Federal Reserve's accommodative policy decision on Wednesday.
The Dow Jones Industrials rumbled ahead 120.81 points to 17,602.30, with Goldman Sachs and JPMorgan Chase among the big guns in afternoon trade. The index traded about 1% higher year-to-date after closing in positive territory for the year so far on Thursday.
The S&P 500 gained 9.2 points to 2,049.79, having made its way to within 4% of its 52-week intraday high in afternoon trade. Health-care topped financials to lead S&P advancers, while telecommunications was the greatest weight
Observers reported that 38 S&P 500 stocks, including Verizon, hit new 52-week highs with none touching new lows.
The NASDAQ index added 20.66 points to 4,795.65, even as Microsoft and Amazon moved downward. Adobe popped more than 4.5% to an all-time high after giving guidance and quarterly earnings that topped expectations.
Nearing the close on Friday, the Dow was on pace for weekly gains of more than 2% and the S&P and the tech-rich NASDAQ on track for weekly gains of about 1% or more.
In corporate news, hotel operator Starwood Hotels & Resorts Worldwide reached a deal to sell to Chinese insurer Anbang for $78.00 U.S. a share in cash. Starwood's original suitor, Marriott, now has five days to respond.
Traders said options expiration on Friday likely contributed to volatility
In economic news, the preliminary March read on consumer sentiment was 90.0, down from 91.7 in February.
Prices for the 10-year Treasury gained slightly, lowering yields to 1.88% from Thursday’s 1.9%. Treasury prices and yields move in opposite directions.
Oil prices dipped 84 cents a barrel to $39.36 U.S.
Gold prices shed $3.17 to $1,254.80 U.S. an ounce.
