The Canadian stock market recovered on Friday as a weak U.S. dollar prompted a rebound in gold and oil prices.
The S&P/TSX Composite Index moved higher by 103.85 points to conclude the day and week at 12,465.66
The Canadian dollar jumped back above parity with its U.S. neighbour, tacking on 0.06 cents at 100.13 cents U.S.
Yamana Gold Inc. soared 53 cents, or 3.5%, to $15.88, while Goldcorp Inc. rallied 72 cents, or 1.7%, to $44.46, and Barrick Gold Corp. advanced 63 cents, or 1.5%, to $43.68.
Among energy issues, Imperial Oil jumped $1.04, or 2.4%, to $45.33, while Canadian Natural Resources backpedaled 17 cents to $33.63, and Suncor rallied 27 cents, or 0.8%, to $32.74.
In the base metals sector, Teck Resources concluded the day up a penny to end the week at $35.06.
On the economic ledger, Statistics Canada reported that the country's inflation rate rose to 2.6% in February. Even after stripping out volatile food and energy items, the rate rose 2.3%, which is above the Bank of Canada's target. That's the fastest pace of price increases since 2008, said some experts
ON BAYSTREET
The TSX Venture Exchange picked up 14.85 points to 1,555.60, while the Nasdaq Canada index gained 0.12 points to 410.87
All but one of the 14 Toronto subgroups finished the day stronger. Gold gained 1.7%, while materials advanced 1.4% and global base metals roared ahead 0.9%.
Only a 0.1% backtracking by information technology issues kept things from being unanimous.
ON WALLSTREET
In New York, stocks flip-flopped Friday as investors remained skittish about the health of the economy after the latest report on home sales signaled further trouble for housing.
The Dow Jones Industrials improved 34.59 points to end the session at 13,080.70
The S&P 500 strengthened 4.95 points to 1,397.73, while the Nasdaq regained 4.60 points to 3,067.92
The S&P 500 was down 0.8% this week, putting it on track for its first weekly loss since early February.
Commodities helped push stocks somewhat higher. Traders focused on reports citing the likelihood that Iranian oil exports would drop by the end of March. The fear of a decrease in supply pushed up oil prices and, in turn, oil stocks.
Chevron and Exxon were among the Dow's biggest gainers.
The report on new home sales came in short of forecasts, giving investors yet another reason to hit the pause button.
Homebuilders took a hit, too. KB Home reported a sharp loss and said the quarter included a big drop in new orders. Its shares fell considerably, as did those of other major homebuilders including PulteGroup, Lennar and Toll Brothers
And while mortgage rates rose this week, they are still relatively cheap. Analysts are hoping that the improved jobs picture will help lift the housing market.
Shares of Apple were halted briefly in late morning trading after what appeared to be an erroneous trade that pushed the stock to $543 from $598 U.S. Trading quickly resumed, with shares trading back around $598. A Nasdaq spokesperson said the exchange canceled trades executed between 11:14 a.m. and 11:15 a.m. ET.
Bank of America announced a pilot program that would allow delinquent homeowners to relinquish the deed to the property and transition to tenant status. Only 1,000 homeowners are eligible for the pilot.
Darden Restaurants, which operates chains like Red Lobster and Olive Garden, posted quarterly earnings of $1.25 a share on $2.16 billion U.S. in revenue, slightly better than analysts had expected.
BATS Global Markets, an equities and options exchange operator, started trading Friday at $15.25 U.S., after pricing its initial public offering at $16 U.S., the low end of its estimated range.
Trading has been halted since late morning as the exchange said it was investigating system issues.
The latest data follow several mediocre reports released earlier this week on existing home sales and new home construction. Bucking the trend, a report on building permits was the strongest in more than three years.
And, while mortgage rates rose this week, they remain relatively cheap. Analysts are hoping that the improving jobs picture will help lift the housing market.
Homebuilders took a hit, too. KB Home reported a sharp loss and said the quarter included a big drop in new orders. Its shares fell considerably, as did those of other major homebuilders including PulteGroup, Lennar and Toll Brothers
In matters economic, new home sales for February came in at an annual rate of 313,000 come below the 323,000 forecast by analysts, and down from a rate of 321,000 in January.
The price on the benchmark 10-year U.S. Treasury gained, pushing the yield lower to 2.24% from 2.28% Thursday. Treasury prices and yields move in opposite directions.
Oil for May delivery gained $1.53 to $106.88 U.S. a barrel.
Gold futures for April delivery rose $19.90 to $1,662.40 U.S. an ounce.
