The Toronto stock market closed slightly higher as markets failed to find lift from data showing U.S. economic growth in the third quarter was stronger than expected, while results from Apple Inc. cast a shadow.
The S&P/TSX composite index inched up 0.07 of a point to 12,300.3, while the TSX Venture Exchange slipped 4.70 points to 1,300.84.
The Canadian dollar was down US0.41¢ to US100.2¢.
Data showed the U.S. economy expanded at a 2% annual rate during the July-September quarter, with lift provided by higher consumer spending and a burst of government spending.
The showing was better than the 1.8% pace that had been expected and an improvement from the 1.3% pace recorded for the second quarter.
U.S. markets were little changed as Apple missed Wall Street earnings expectations for the second straight quarter, as iPad sales fell short of analyst forecasts. Net income in the fiscal fourth quarter was US$8.2 billion, or $8.67 per share. That was up 24% from $6.6 billion, or $7.05 per share, a year ago.
Analysts were expecting earnings of $8.84 per share. Revenue was up 27% from a year ago to $36 billion, against expectations of $35.8 billion. The stock was down 0.9%.
"For investors this stock still has a very solid growth profile and if you look at the valuations, it's still trading at a reasonable valuation," said Jennifer Dowty, a portfolio manager at Manulife Asset Management.
The Dow Jones industrials edged up 3.53 points to 13,107.21, the Nasdaq composite was up 1.83 points to 2,987.95 and the S&P 500 index dipped 1.03 points to 1,411.94.
North American markets ended the week lower as a string of earnings disappointments from big multinationals over the past week, including McDonald's, General Electric and 3M, have reminded investors of the fragile state of the global economy.
"Corporate earnings reports continue to be an issue," said BMO Capital Markets senior economist Robert Kavcic.
The TSX ended the week down 0.93% while the Dow industrials fell 1.77%. TSX strength came from defensive sectors such as utilities, telecoms and consumer stocks.
The telecom sector gained 0.8% with Telus Corp. ahead 89¢ to $63.31.
The utilities sector gained 0.74% as power generator TransAlta Corp. said Friday that net income attributable to common shareholders in the third quarter was $56 million or 24¢ per diluted share. That compared with $50 million or 22¢ per share in the same 2011 period. Revenue fell to $538 million from $629 million and its shares gained 49¢ to $15.71.
