North American stock indices relatively flat ahead of Memorial Day weekend
A man looks at an electronic stock board displaying global stock indexes, including Japan's Nikkei 225 index, top center, in Tokyo, Tuesday, July 21, 2015. Most Asian stock markets were modestly higher Tuesday after positive U.S. earnings reports boosted sentiment. (AP Photo/Ken Aragaki)
The Canadian Press
Published Friday, May 26, 2017 6:27AM EDT
Last Updated Friday, May 26, 2017 7:58PM EDT
TORONTO -- North American stock markets were relatively flat Friday, while the price of oil rebounded after dropping nearly US$2.50 a barrel the day before.
The S&P/TSX composite index inched forward 6.20 points to 15,416.93 as the gold sector led the way.
The June gold contract soared US$11.70 to US$1,268.10 an ounce, while the S&P/TSX global gold index gained 0.74 per cent.
"We're still seeing the U.S. dollar sub-performing and I think that's giving gold some support," said Andrew Pyle, a senior wealth adviser at Scotia Wealth Management.
The U.S. dollar's lacklustre performance comes in part from doubts about whether the U.S. Federal Reserve will raise rates at its June meeting, as well as economic conditions not showing enough acceleration, he said.
Meanwhile, the July crude oil contract rose 90 cents to US$49.80 per barrel, helping the energy sector in Toronto gain 0.39 per cent.
The increase came a day after investors showed disappointment over OPEC's decision to extend production cuts by nine months. Some had hoped for deeper and longer cuts.
"A little bit of a bounce back was to be expected today," Pyle said. "I think yesterday's drop was probably exaggerated."
In New York, the Dow Jones industrial average shed 2.67 points to 21,080.28. The S&P 500 index gained a meagre three-quarters of a point to a record-high 2,415.82, while the Nasdaq composite index rose 4.93 points to a record-high 6,210.19.
The U.S. markets will be closed Monday for the Memorial Day holiday.
The Canadian dollar fell 0.01 of a U.S. cent to an average price of 74.32 cents US.
Elsewhere in commodities, the July natural gas contract advanced 3.5 cents to US$3.31 per mmBTU and the July copper contract shed about 3.2 cents to roughly US$2.57 a pound.