Stocks in Toronto dodged below breakeven by noon EDT, even after government data showed the domestic economy expanded at a record pace in June, bolstering optimism around a post-coronavirus recovery.
The TSX docked 24.94 points to pause for lunch at 16,706.55.
The Canadian dollar gained 0.12 cents to 76.32 cents U.S.
The largest percentage gainers on the TSX were Canadian Western Bank which jumped $1.56, or 6.1%, to $27.00, after the lender topped profit estimates for the third-quarter.
Its gains were followed by Silvercorp Metals. which rose 74 cents, or 7.3%, to $10.83, after brokerage PI Financial raised the target price of the stock.
OceanaGold fell 18 cents, or 5.4%, the most on the TSX, to $3.07, after brokerage PI Financial cut the target price of the gold producer's stock and the second-biggest decliner was Morneau Shepell,, down 60 cents, or 2.1%, to $28.64.
In the economic area, Statistics Canada reported gross domestic product grew 6.5% in June, the largest monthly increase since the series started in 1961.
ON BAYSTREET
The TSX Venture Exchange gained 12.06 points, or 1.7%, to 744.02
Eight of the 12 TSX subgroups were lower midday, with consumer staples trudging lower 1.6%, utilities each slumping 1.3%, while communications sagging 0.9%.
The four gainers were led by gold, ahead 3%, materials, jumping 2.2%, and health-care, haler by 1.4%.
ON WALLSTREET
Stocks rose on Friday to wrap up another strong week as the Dow Jones Industrial Average tried to erase its losses of 2020.
The Dow Jones Industrial Average remained positive 104.23 points move into noon hour at 28,596.50.
Walmart and Intel led the way for the Dow, rising more than 1.8% each. Tech and energy were the best-performing sectors in the S&P 500, tech gaining 0.8% and energy up 0.9%.
The S&P 500 gained 12.27 points to 3,496.82.
The NASDAQ Composite gained 71.47 points to 11,696.81.
Friday’s gains put the Dow on track to close in positive territory for the year. The last time the Dow sported a year-to-date gain was in late February, when it traded around an all-time high. Entering Friday’s session, the Dow was just 3.6% below its record.
For the week, the major averages were all up at least 2%. Both the S&P 500 and NASDAQ were on pace to post five-week winning streaks. The Dow, meanwhile, was headed for its third weekly gain in four weeks.
Friday’s gains also put the S&P 500 on track for its biggest August gain since 1986. The broader market index is up 6.8% month to date.
On the data front, U.S. consumer spending rose 1.9% in July, topping forecasts of a 1.5% gain. Personal income was also stronger than expected, rising 0.4% while economists had forecast a drop of 0.2%.
Prices for the 10-Year Treasury eked ahead, lowering yields to 0.72% from Thursday’s 0.74%. Treasury prices and yields move in opposite directions.
Oil prices loosened three cents to $43.01 U.S. a barrel.
Gold prices spiked $44.60 to $1,977.20 U.S. an ounce.
