Canada's main stock index notched its highest close in more than a year on Friday, boosted by gains for telecom and utilities stocks as it recorded a fourth straight weekly gain.
The S&P/TSX Composite climbed 35.26 points to close the day and the week at 14,601.09.
The Canadian dollar dropped 0.34 cents to 76.07 cents U.S.
Telecoms proved the champions of trading Friday, as BCE gained 40 cents to close out at $63.15, while TELUS catapulted 69 cents, or 1.6%, to $43.96.
Gold also shone brighter, as Barrick Gold climbed 31 cents, or 1.2%, to $27.03, and Goldcorp gained 36 cents, or 1.5%, to $24.09.
Health-care issues didn’t fare so well, however, as Valeant Pharmaceuticals shares faded two dollars, or 6.2%, to $30.03, while rival Concordia International dipped $1.19, or 4.5%, to $25.55.
Base metals stocks also waned, as Teck Resources dropped 11 cents to $17.85, while First Quantum Minerals gave back a nickel to $9.99.
On the economic slate, Statistics Canada reported that consumer price index figures rose 1.5% in the 12 months to June, matching the gain in May. On a seasonally-adjusted monthly basis, the CPI increased 0.2% in June, matching the gain in May.
Moreover, retail sales rose 0.2% to $44.3 billion in May, following a 0.9% increase in April. Sales were up in six of 11 sub-sectors, representing 51% of retail trade
ON BAYSTREET
The TSX Venture Exchange prospered 3.1 points to 769.30
Eight of the 13 subgroups were higher, with telecoms up 1.3%, utilities and gold each hiking 0.6%
The five laggards were weighed by health-care, down 2.4%, metals and mining, down 0.8%, and information technology off 0.1%.
ON WALLSTREET
U.S. stocks closed higher for the fourth straight week Friday, with the S&P hitting a new record high, as investors waded through mixed earnings and an upbeat U.S. manufacturing report.
The Dow Jones Industrials moved higher 53.62 points to 18,570.85, as IBM added the most gains and Apple had the biggest negative dollar-impact.
The S&P 500 jumped 9.86 points to 2,175.03, with utilities leading all 10 sectors in the green.
The NASDAQ hiked 26.26 points to 5,100.16
Despite beating Wall Street consensus estimates, General Electric was the biggest laggard on the Dow after reporting a 2% drop in orders for the second quarter.
GE, often looked at as a bellwether for the overall economy, posted earnings five cents a share above estimates and revenue was up 15% from a year ago, the company said in a statement. Earnings were helped by its aviation, health-care and power businesses
American Airlines was among the biggest gainers on the S&P, leading transports higher after meeting second-quarter estimates.
Honeywell, Stanley Black & Decker, and Whirlpool also topped estimates, while Starbucks, Chipotle, and Skechers were among the misses.
Of the S&P 500 companies reporting as of Thursday, roughly 65% beat estimates, according to Thomson Reuters.
Morgan Stanley joined Goldman Sachs, Citigroup, JPMorgan Chase, and Bank of America on the list of U.S. financial institutions topping second-quarter profit forecasts this week.
Economically speaking, U.S. manufacturing in July hit its best level since October, according to data provider Markit. The purchasing manager's flash index compiled by Markit rose to 52.9 from 51.3.
Prices for the 10-year Treasury gained ground, lowering yields back to Thursday’s 1.56%. Treasury prices and yields move in opposite directions.
Oil prices backtracked 49 cents a barrel to $44.26 U.S.
Gold prices subtracted $8.10 to $1,322.90 U.S. an ounce.
