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S&P/TSX Composite Index

14,750.35 real time data change down
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Change: -32.71 (-0.22%)

S&P/TSX Venture Composite Index

556.96 real time data change down
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Change: -5.28 (-0.94%)
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6:07 PM EST, December 29, 2017
Stocks Slump Friday, Gain 5% on Year

Canada's main stock index went south on the last trading day of 2017 as some energy and utility stocks pulled back, but was on track for a nearly 6% gain for the year.

The S&P/TSX Composite Index came off its lows of the day, falling 12.82 points from Thursday's record close to finish Friday, the week, month and year at 16,209.13

The Canadian dollar slipped 0.08 cents to 79.5 cents U.S.

Consumer staples proved the major culprit with Restaurant Brands International slumping 41 cents to $77.29, while Saputo Inc. lost 39 cents to $45.08.

Utilities withered as Fortis lost 10 cents to $46.08, while Hydro One fell three cents to $22.41.

Gold stocks did their bit to make things somewhat more balanced, as Barrick Gold took on two cents to $18.17, while Kinross Gold also gained two cents to $5.42.

Industrials eked out gains as Bombardier strengthened four cents, or 1.3%, to $3.05, while Stella-Jones gained 26 cents to $50.42.

ON BAYSTREET

The TSX Venture Exchange hurtled 8.48 points higher Friday to 850.72

Eight of the 12 TSX subgroups were in the red Friday, with consumer staples fading 1.1%, utilities down 0.8% and energy falling 0.6%.

The four gainers were led by gold, up 0.3%, while real-estate and industrials each gathered 0.2%.

ON WALLSTREET

U.S. stocks traded lower Friday, the last trading day of the year, but remained within striking distance of all-time highs hit this month.

The Dow Jones Industrial Average tumbled 118.29 points to close the year out at 24,719.22

The S&P 500 docked 13.93 points to 2,673.61, but still traded within half a percentage point of its record high and was on pace for its best year since 2013. Telecommunications led seven sectors lower, while consumer staples was the top gainer.

The S&P has gained about 20% this year, with technology and consumer discretionary the top two performers for the year. Only energy and telecommunications have declined this year.

The NASDAQ composite index backpedaled 46.77 points to 6,903.39, as two of the largest names in the index, Apple and Amazon.com, traded more than half a percentage point lower.

Goldman Sachs briefly fell more than 1% as the greatest negative impact in the Dow after a filing with the U.S. Securities and Exchange Commission said the financial giant expects fourth-quarter earnings to decrease by about $5 billion, primarily due to repatriation provisions in the new U.S. tax law President Donald Trump signed last week.

The law requires companies to repatriate, or bring back, foreign earnings, beginning in 2018, with the option of paying taxes on those earnings over eight years. The special, one-time tax rate is 8% for illiquid assets and 15.5% for cash.

The bill also cuts the corporate tax rate to 21% from 35%.

The Dow and S&P 500 posted five straight weeks of gains last week after President Donald Trump on Friday signed the tax measure, able to do so after Congress approved another bill to keep the federal government funded through Jan. 19.

The Dow closed at a record Thursday for the 71st time this year and was on pace for slight weekly gains. The last time the Dow rose in each of the final six full weeks of the year was in 1954. That does not include weeks encompassing two different years.

On a monthly basis, the indexes are also set for a historic end to the year.

On a total return basis, which includes dividends, the S&P 500 is on pace to post gains for every month of the calendar year for the first time in history

If the NASDAQ also holds gains for December, it will have posted gains in 11 of 12 months in 2017, a first for the tech-heavy index. The Dow is on pace for its first nine-month winning streak since 1959, and the S&P is on track for its first nine-month winning streak since 1983.

Prices for the benchmark 10-year Treasury note inched upward, lowering yields to 2.41% from Thursday's 2.43%. Treasury prices and yields move in opposite directions.

Oil prices gained 30 cents a barrel to $60.14 U.S.

Gold prices gained eight dollars to $1,305.20 U.S. an ounce.



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