The Toronto stock market moved higher Friday as investors’ appeared to focus on data that lifted their spirits about the U.S. economy on the last day of trading before a holiday break.
The S&P/TSX Composite advanced 50.19 points to close the day and week at 11,926.67
The Canadian dollar added 0.14 cents to 98.09 cents U.S. The markets will be closed Monday and Tuesday for Christmas and Boxing Day
On the economic slate, Canada's economy stalled in October after four consecutive month-on-month increases, a sign the country is feeling the effect of increasing global uncertainty, Statistics Canada data indicated on Friday.
The report said that the output of goods producing industries fell 0.2% due to declines in utilities, construction, mining and oil and gas extraction. The agency said these declines offset a gain in manufacturing.
The TSX Venture Exchange garnered 25.79 to 1,469.50, while the Nasdaq Canada index moved upward 0.77 points to end at 366.59
All but three of the 14 Toronto subgroups moved forward by the close. Industrial issues surged 1%, while energy stocks gained 0.8%, consumer discretionaries gained 0.7%
The three laggards were in the global base metals sector, down 0.2%, consumer staples, down 0.1%, and the metals and mining sector, off 0.03%.
ON WALLSTREET
In New York, investors scooped up stocks after economic reports released Friday morning continue to provide glimmers of hope for the U.S. economy with better-than-expected readings on personal spending, income and housing released Friday morning.
The Dow Jones Industrials gained 124.35 points, or 1%, on the day to 12,294. The index is up 3.6% for the week and 6.1% for the year.
The S&P 500 picked up 9.77 points to 1,263.77, adding 3.7% for the week and 0.6% for the year, while the Nasdaq Composite marched ahead 19.19 points to 2,618.64, and despite moving up 2.7% this week, it's still down 1.3% this year.
Economically speaking, U.S. November durable goods orders rose 3.8%, more than the 2% forecast and above October's flat reading.
Both personal income and personal spending rose 0.1% in November.
Moreover, a Commerce Department report on new home sales showed that new home construction rose 1.6% in November compared to 1.3% in October. The figure beat expectations but still shows a relatively sluggish pace of growth in the housing sector.
The price on the benchmark 10-year U.S. Treasury eased, pushing the yield up to 2.03% from 1.95% Thursday. Treasury prices and yields move in opposite directions.
Oil for January delivery gained 27 cents to $99.80 U.S. a barrel.
Gold futures for February delivery fell $1.60 to $1,606.00 U.S. an ounce.
