Toronto stocks finished the week on a positive note Friday, as more bad news from Nortel Networks was offset by a modest recovery among resource stocks.
Toronto’s S&P/TSX composite index closed up 11.47 points, or 0.14%, at 8,188.08.
Six of the TSX index’s 10 main groups gained, led by a 2.39% increase in gold issues and a 1.27% climb in energy issues.
Nortel pulled down the tech group 2.85% after news broke that the company has been subpoenaed for records by a U.S. grand jury, as part of a criminal investigation. Shares of the beleaguered company fell 32¢, or 6%, to $4.99.
The S&P/TSX Venture composite index also finished on a positive note. It climbed 2.23 points to 1,548.48.
In the U.S., stocks had a mixed day. The Dow Jones industrial average closed up 2.13 points, or 0.02%, at 10,012.87. The Standard & Poor’s 500 Index slid 0.81, or 0.07%, to 1,095.63.
The tech-heavy Nasdaq composite index fell 21.78 points, or 1.13%, at 1,904.25.
Analysts blame the drop on the now familiar reasons of oil prices at 21-year highs, strong economic data and a potential rate hike.
Canadian markets make gains despite subpoena for Nortel
American markets drop on continued concern about oil prices and interest rates
- By: Stewart Lewis
- May 14, 2004 May 14, 2004
- 15:50