Stocks in Toronto fought their way into positive ranks by the closing bell Friday, on the strength of consumer and tech stocks.
The TSX ended up gaining 15.42 points to close Friday at 20,579.91. On the week, the index gained 383 points, or 1.9%.
The Canadian dollar slid 0.13 cents to 74.82 cents U.S.
Consumer staples powered the market up, with Saputo improving 64 cents, or 1.9%, to $35.02, while George Weston rose $2.29, or 1.3%, to $180.29.
In consumer discretionary issues, Linamar perked $1.50, or 2.4%, to $65.21, while Spin Master took on 58 cents, or 1.7%, to $35.69.
In tech stocks, Absolute Software acquired 47 cents, or 4%, to $12.10, while Enghouse Systems climbed $1.04, or 2.7%, to $39.98.
Gold weighed things down, mostly Wesdome Gold, skidding 39 cents, or 4.5%, to $8.23, while Equinox backpedaled 32 cents, or 4.2%, to $7.24.
Health-care also got roughed up Friday, with Canopy Growth docking 12 cents, or 5.9%, to $1.91, while Tilray shed seven cents, or 2.2%, to $3.18.
Utilities also faltered, as Boralex tumbled 95 cents, or 2.2%, to $41.57, while Hydro One backed off 70 cents, or 1.7%, to $39.69.
On the economic calendar, Statistics Canada reported manufacturing sales declined 3.6% in February, mainly on lower sales in the petroleum and coal product, motor vehicle and primary metal industries.
ON BAYSTREET
The TSX Venture Exchange dropped 1.52 points on the day to 637.88, but grew on the week 10.2 points or 1.63%.
The 12 TSX subgroups were evenly split between those gaining and those losing. Gold faded 1.8%, while health-care doffed 1.2%, and utilities slid 1%.
The half-dozen gainers were lifted by consumer staples, up 0.7%, consumer discretionaries, ahead 0.6%, and information technology, better by 0.5%.
ON WALLSTREET
The Dow Jones Industrial Average fell Friday, but was headed for a positive week, as investors assessed a weak retail sales report that dented enthusiasm around a stronger-than-expected start to corporate earnings.
The 30-stock index deducted 144.14 points to conclude Friday and the week at 33,885.55. On the week, the Dow gained 1.35%.
The S&P 500 fell 8.63 points Friday to 4,137.61, but gathered 1% on the week.
The NASDAQ dipped 42.81 points to 12,123.47, but gained 0.3% over the last five trading gays.
The Dow notched its fourth-straight positive week. The S&P 500 and the NASDAQ, meanwhile, enjoyed their fourth positive week in five.
The disappointing retail sales data offset excitement around strong corporate earnings. JPMorgan Chase reported record revenue that beat analyst expectations, with the stock rising more than 7%. Wells Fargo shares briefly rose as much as 2.1% after reporting growing profits, before declining about 0.4%. These were the first bank earnings since the collapse of Silicon Valley Bank and Signature Bank last month.
Elsewhere, UnitedHealth, which has the biggest weighting in the Dow, fell as much as 3.4% after what Mizuho described as a “modest beat and raise,” and after UnitedHealth said it’s spending more for new diabetes and weight loss drugs from Novo Nordisk and Eli Lilly.
Meanwhile, Boeing fell about 6% after the aircraft maker warned of delivery delays for some of its 737 Max planes.
Expectations for this earnings season are downbeat. Analysts expect S&P 500 earnings fell more than 5% in the first quarter. That forecast comes as companies deal with persistent inflation and higher rates.
Advanced retail sales data showed consumer spending fell twice as much as expected in March. Retail sales declined by 1% last month as consumers dealt with growing recession fears, more than the 0.5% fall expected by economists polled by Dow Jones.
Prices for the 10-year Treasury stepped back, raising yields to 3.51% from Thursday’s 3.45%. Treasury prices and yields move in opposite directions.
Oil prices advanced 45 cents to $82.61 U.S. a barrel.
Gold prices backtracked $36.60 to $2,018.70 U.S. an ounce.