Canada's main stock index, the S&P/TSX, edged higher in late-morning trading on Friday, as gains in the energy and financial sectors offset declines in other areas. The index was up by about 0.2 percent, reflecting cautious optimism among investors.
U.S. markets also rise
Wall Street also saw gains, with the Dow Jones Industrial Average rising 0.3 percent, the S&P 500 index climbing 0.4 percent, and the Nasdaq composite adding 0.5 percent. The positive momentum came as investors weighed economic data and corporate earnings reports.
Energy sector leads
The energy sector was a standout, buoyed by higher crude oil prices. Suncor Energy and Canadian Natural Resources both saw gains of more than 1 percent. Financial stocks also contributed to the uptick, with Royal Bank of Canada and Toronto-Dominion Bank posting modest increases.
Meanwhile, the technology sector lagged, with Shopify and Lightspeed Commerce both declining. The materials sector also struggled, as gold prices slipped.
Economic data in focus
Investors were digesting a batch of economic data, including Canadian retail sales figures for March, which rose 0.7 percent, driven by higher sales at gas stations. However, excluding gas stations, retail sales were flat. In the U.S., durable goods orders for April came in weaker than expected, raising some concerns about manufacturing activity.
Currency markets saw the Canadian dollar trade at 77.12 cents U.S., down slightly from Thursday's close.
Overall, market participants remained cautiously optimistic, with many looking ahead to next week's corporate earnings reports and economic data releases for further direction.
