Canadian Stocks Moving Back To The Upside

(RTTNews) - After ending yesterday's choppy session moderately lower, stocks have moved back to the upside during trading on Friday.

The benchmark S&P/TSX Composite Index advanced early in the session and remains firmly positive. The index is currently up 169.18 points or 0.5 percent at 34,025.80.

Gold stocks have helped to lead the way higher amid a modest increase by the price of the precious metal, with the S&P/TSX Global Gold Index surging by 2 percent.

A jump by the price of crude oil is also contributing to strength among energy stocks, as reflected by the 1.2 percent gain being posted by the S&P/TSX Capped Energy Index.

Brent crude oil futures have shot up by more than 1 percent after U.S. Central Command said U.S. forces disabled two Iranian-flagged oil tankers attempting to pull into an Iranian port on the Gulf of Oman.

The attacks come after three U.S. destroyers came under fire from Iranian missiles and drones as they transited the Strait of Hormuz.

U.S. Central Command said it eliminated the inbound threats and targeted the Iranian military facilities responsible for the attacks.

On the other hand, tech stocks have shown a significant move to the downside, dragging the S&P/TSX Capped Information Technology Index down by 1.3 percent.

In Canadian economic news, Statistics Canada released a report showing Canadian employment dipped by 18,000 jobs in April after inching up by 14,000 jobs in March.

Statistics Canada also said the unemployment rate rose to 6.9 percent in April from 6.7 percent in March, as more people searched for work.