Toronto's main stock index came off their new peak on Friday, even after stronger-than-expected domestic jobs data fueled optimism about the economy.
The TSX gave back 128.55 points, to reach noon hour Friday at 31,349.02, dipping down on the week by more than 43 points, or 0.14%.
The Canadian dollar recovered 0.55 at 72.19 cents U.S.
Laurentian Bank’s profits for the fourth quarter missed analyst estimates. The lender’s stocks began Friday down three cents to $39.87.
Orla Mining's shares declined $1.73, or 9%, to $17.51, after Fairfax Financial Holdings sold 25 million shares of the miner. Fairfax shares dropped $27.93, or 1.2%, to $2,355.00
On the economic beat, Statistics Canada says the economy created 54,000 jobs in November, driven by gains in part-time work. The unemployment rate fell 0.4 percentage points to 6.5%.
The Bank of Canada is expected to hold interest rates at 2.25% next week. The BoC has cut rates by one percentage point since the start of the year, and signaled a halt in rate cuts in October, citing stable inflation.
ON BAYSTREET
The TSX Venture Exchanged retreated 1.89 points to 946.65. So far this week, the index has gained more than nine points, however, or just below 1%.
Eight of the 12 TSX subgroups had turned negative, with industrial and technology stocks each dropping 1%, while real-estate lost 0.5%.
The four laggards were weighed most by health-care, energy and consumer discretionary stocks, each up 0.2%.
ON WALLSTREET
The S&P 500 edged higher on Friday, on pace for its fourth straight winning day, as traders digested inflation data that could provide further incentive for the Federal Reserve to lower interest rates next week
The Dow Jones Industrials gained 44.92 points to break for lunch at 47,895.86.
The much-broader index forged ahead 3.71 points to 6,860.83.
The NASDAQ cleared breakeven 15.37 points to 23,520.50.
Stocks are tracking to post gains for the week. The S&P 500 is up 0.4% week to date, while the NASDAQ is up almost 1% and the 30-stock Dow has added about 0.6%.
During Friday’s trading session, Netflix shares seesawed after initially seeing sizable losses earlier in the day following the company’s announcement that it struck a deal with Warner Bros. Discovery to buy its film and streaming assets for $72 billion — a transaction that’s expected to close in 12 to 18 months. Netflix shares were last 1% lower, while shares of WBD jumped 4%.
The market sorted through a fresh slate of economic releases Friday. The Commerce Department reported that the core personal consumption expenditures price index for September – which was delayed due to the record-setting U.S. government shutdown – was 2.8%, lower than the 2.9% Dow Jones estimate.
The PCE report, which serves as the Fed’s primary inflation gauge, and will give the central bank its final inflation view before Wednesday’s interest rate vote.
Also on Friday, the University of Michigan’s consumer survey, a report that provides a glimpse at sentiment as well as the view on inflation over the near and longer term, came in higher than expected for December.
The 10-year Treasury weakened, raising yields to 4.14% from Thursday’s 4.10%. Treasury prices and yields move in opposite directions.
Oil prices gained 58 cents to $60.05
Gold prices brightened $1.50 to $4,244.50.
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