Baystreet.ca - Canada's main stock index was subdued on Friday after eight successive winning sessions as falling energy stocks offset gains elsewhere.
The TSX index dipped 0.04 points to start Friday at 25,434.04.
The Canadian dollar gained 0.20 cents at 69.75 cents U.S.
For the week, TSX was set to gain over 1%, helped by strong U.S. corporate earnings and hopes for a business-friendly government under President Donald Trump. The index is up 2.8% for the month.
U.S. allies Canada and the European Union, threatening them again with new tariffs, while expressing dissatisfaction about their trade surpluses with the United States.
Earlier this week, Trump said he was thinking about imposing 25% duties on imports from Canada and Mexico on Feb. 1.
TD Bank (TSX:TD) said on Thursday that Chief Global Anti-Money Laundering Officer Herbert Mazariegos is stepping down immediately, as the bank takes remediation actions after it was fined by U.S. regulators for compliance failures. TD shares dipped one cent to $82.22.
On the economic agenda, Statistics Canada’s new housing price index declined 0.1% on a month-over-month basis in December. Prices were down in seven of the 27 census metropolitan areas (CMAs) surveyed, while prices were unchanged in 13 CMAs and up in the remaining seven.
ON BAYSTREET
The TSX Venture Exchange jumped 6.55 points, or 1.1%, to 623.49.
All but three of the 12 TSX subgroups were higher heading into noon hour EST, with information technology ahead 1.4%, gold improving 1.1%, and health-care recuperating 1%.
The three laggards were energy stocks, off 1.1%, industrials, sliding 0.5%, and consumer staples, falling 0.4%.
ON WALLSTREET
The S&P 500 reached new records on Friday as optimism around the start of President Donald Trump’s term continued.
The Dow Jones Industrials faltered 53.41 points to pause for noon EST Friday at 44,511.66.
The much-broader index inched up 2.95 points to 6,121.66.
The NASDAQ Composite turned course and pointed upward 10.92 points to 20,064.60.
Novo Nordisk (CSE:NOVOb) rallied more than 7% following positive early-stage results for a weight-loss drug. Texas Instruments (NASDAQ:TXN), on the other hand, slid more than 4% on weak earnings guidance.
Excitement toward Trump’s pro-business policies pushed risk assets higher this week with investors focused on his inauguration. Traders were also relieved that there have only been threats on the tariff front from Trump — instead of formal action — during his first few days in the White House.
All three major averages are on track to post their second positive week, signaling the bull market is back in full force after December’s pullback. All three indexes have added more than 2% week to date, a second straight week with gains of that size.
Friday’s action comes after Trump said on Thursday that he would “demand that interest rates drop immediately” when addressing world leaders in Davos, Switzerland. The president also said he would ask Saudi Arabia and other OPEC nations to lower the price of oil.
Prices for the 10-year Treasury gained ground, lowering yields to 4.62% from Thursday’s 4.65%. Treasury prices and yields move in opposite directions.
Oil prices shied away seven cents to $74.55 U.S. a barrel.
Prices for gold muscled up $19.10 an ounce to $2,784.10 U.S.