Led by banks, Canadian stocks bounced back into positive territory Friday, tracking similar trends in the U.S. market.
The S&P/TSX composite index closed the day up 62.58 points to end the week at 13,464.06
The Royal Bank of Canada led financials by gaining 1.8% to $53.89 Friday. The Canadian Imperial Bank of Commerce and the Bank of Montreal saw gains of greater than 1% as well. CIBC was up 1.9% to $78.36, while BMO rallied 1.7% to $59.53
The Canadian market started the session slowly as mining shares were caught in a downdraft from falling metals prices. The diversified metals and mining index fell hard.
Canadian stocks have been moving on data impacting the U.S. market all day, according to some experts.
Several of Canada’s largest gold-mining stocks were off more than 1%. Goldcorp Inc., was off 3.3% to $43.17. Kinross Gold Corp. was down 2.5% to $16.62 while Barrick Gold Corp. shed 0.6% to $46.59
Base-metals producer Teck Resources’ stock fell 1.3% to $62.22.
Some energy stocks also tipped lower, though losses were limited by a 2.8% gain in Encana Corp. shares, which ended at $31.21. Among other movers, shares of Baffinland Iron Mines Corp. rose 2% at $1.55 after the company reported a $740-million project to develop a rich iron deposit in Canada’s Arctic called Mary’s River.
Economically speaking, Statistics Canada reports the number of new motor vehicles sold in November was up 0.3% to 135,823 units, powered mostly by a boost in truck sales.
ON BAYSTREET
The TSX Venture Exchange lost 18.04 points to 2,270.96 while the Nasdaq Canada index picked up 3.17 points to 790.57
In Toronto, eight of the 14 subgroups gained ground on the day. Financials acquired 1.6%, while real-estate was up 1.4%, and information technology added 1%.
Gold weighed the six laggards, down 1.7%, while materials sank 1.2%. and metals and mining stocks slumped 0.9%.
ON WALLSTREET
In New York, stocks continued climbing late Friday, as investors shrugged off lackluster economic data and shifted focus to next week's avalanche of corporate reports.
The Dow Jones Industrials regained 55.48 points to 11,787.40
The S&P 500 tacked on 9.48 points to 1,293.24. The Nasdaq Composite Index was higher by 20.01 points to 2,755.30
Meanwhile, JPMorgan Chase -- which reported strong earnings before the opening bell -- Bank of America and American Express were leading the Dow in percentage increases. JetBlue was one of the biggest losers.
Banks including Citigroup Wells Fargo and Bank of America are on tap to release earnings next week. Several technology companies -- including Apple, Google and IBM -- will also report.
Stocks are overbought right now and the market is due for a correction, Springer said. But rather than moving sharply lower, the market is "resting" by merely moving sideways.
Those daily pullbacks are actually good signs that the market is keeping itself in check. Stocks ended lower Thursday in a quiet session.
Before the opening bell, JPMorgan Chase reported a 47% jump in fourth-quarter earnings to $4.8 billion, or $1.12 U.S. per share, beating the 99 cents U.S. per share forecast by analysts.
But the investment bank also bolstered its reserves for mortgage-related legal expenses for the second straight quarter. The stock rose 1.6% in late trading.
Coinstar, which owns the $1 DVD rental kiosk company Redbox, reported profits and sales that missed expectations after the closing bell Thursday. The company also lowered its guidance, and shares tumbled 26% in late trade.
After the market close Thursday, Intel reported the best fourth-quarter earnings in company history -- both the chipmaker's revenue and profit set new records. Intel's shares were down about 0.7%.
Economically speaking, the government reported that both inflation and retail sales rose last month, but neither reading was strong enough to lift markets.
The Commerce Department's Consumer Price Index, a key measure of consumer inflation, rose 0.5% in December after inching up 0.1% in the previous month.
Core CPI edged up 0.1%, after rising the same amount in November. The increase was in line with estimates.
Separately, the Commerce Department said retail sales increased 0.6% in December, following a rise of 0.8% in November. Sales were expected to have gained 0.7%. Sales excluding autos rose 0.4%, after jumping 1.2% in the previous month. That missed the 0.6% gain economists had forecast.
The Federal Reserve said industrial production rose 0.8% December. Capacity utilization is expected to have risen to 76% in December, from 75.4% the previous month.
Prices on the benchmark 10-year U.S. Treasury lost ground, upping the yield to 3.33% from Thursday’s 3.30%. Treasury prices and yields move in opposite directions.
Oil for February delivery regained 15 cents to $91.04 U.S. a barrel
Gold futures for February delivery slumped $26.50 to settle at $1,360.50 U.S. an ounce, near six-week lows.
