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TSX Gains on Tech, Discretionary Strength

Canada's main stock index gained on Friday, driven by a rise in the energy sector as oil companies hoped to reach an agreement with the Alberta government to boost production.

The S&P/TSX Composite regained 50.69 points to begin the week's last session at 16,538.89

The Canadian dollar drooped 0.16 cents to 75.82 cents U.S.

Canfor Corp fell 58 cents, or 5.3%, to $10.35, the most on the TSX, followed by shares of Interfor, down 42 cents, or 3.3%, to $12.46.

CannTrust Holding said on Thursday it fired Chief Executive Officer Peter Aceto, more than two weeks after Health Canada found the marijuana producer grew cannabis in unlicensed rooms.

The beleaguered CannTrust shares picked up 41 cents, or 15.9%, to $2.99.

RBC raised the price target on Alaris Royalty to $23.00 from $22.00. Alaris shares tallied three cents to $21.05.

CIBC cut the price target on Lundin Mining to $9.00 from $9.50. Lundin shares lost 13 cents, or 2%, to $6.42.

RBC cut price target on Teck Resources to $47.00 from $48.00. Teck faded 37 cents, or 1.3%, to $28.03.

ON BAYSTREET

The TSX Venture Exchange dropped 1.42 points to 591.73

All but one of the 12 Toronto subgroups moved into the green in the first hour of trade, with information technology up 1.1%, consumer discretionary stocks gaining 0.8%, and industrials tacking on 0.7%.

Only gold stocks missed the party, doffing 0.3%

ON WALLSTREET

Stocks rose on Friday after strong earnings from big tech companies such as Alphabet and Intel while the U.S. economy grew at a better-than-expected clip in the second quarter.

The Dow Jones Industrials gained 20.71 points to 27,140.98,

The S&P 500 picked up 15.12 points to 3,018.79

The NASDAQ leaped 74.23 points o 8,312.77

For the week, the S&P 500 and NASDAQ were headed for solid gains. The S&P was up 1.4% week to data, while NASDAQ prospered 2.1%.

The Dow, meanwhile is up about 0.1%.

Alphabet reported better-than-expected earnings Thursday and announced a massive $25-billion share repurchase program. The results and buyback sent the stock up 11%.

Intel gained 0.8% on earnings and revenue that topped analyst expectations. Client Computing, the company's biggest division, generated $8.84 billion in sales, topping estimates of $8.13 billion.

Twitter shares gained more than 9% on the back of second-quarter results that topped estimates. The social media company also reported a 14% rise in monetizable daily active users.

Consumer stocks such as Starbucks and McDonald's also contributed to the gains. Starbucks gained 6.4% after reporting same store-sales growth for the previous quarter that crushed estimates. McDonald's climbed 0.9% as promotions led better-than-expected U.S. same-store sales.

More than 40% of S&P 500 companies have reported quarterly earnings for the second quarter. Of those companies, 76.4% have posted a stronger-than-forecast profit.

Information released Friday by the U.S. Commerce Department showed the stateside. economy expanded by 2.1% in the second quarter. The broadest measure of the U.S. economy was expected to come in at 1.8%, according to economists surveyed.

Growth was driven by a 4.3% increase in consumer expenditures, which offset a 5.5% slump in business investment.

Prices for the benchmark 10-year U.S. Treasury demurred, lifting yields to 2.08% from Thursday's 2.09%. Treasury prices and yields move in opposite directions.

Oil prices took on 11 cents to $56.13 U.S. a barrel.

Gold prices gained $8.20 to $1,422.90 U.S. an ounce.

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