Long Win Streak Pushes TSX To 3-year High -- Canadian Commentary

(RTTNews) - Canadian stocks posted their ninth consecutive daily advance on Friday, as prospects for easy monetary policy from global central banks were lifted by this week's downbeat economic data.

In particular, remarks Federal Reserve Chairman Janet Yellen, who said she would only gradually reduce stimulus, gave markets a big push higher.

The S&P/TSX Composite Index rose 53 points to 14,054.76, its highest since 2011. The main index was up 1.9 percent for the week, led by stronger gold stocks.

Today's advance was due in large part to a solid showing from financials, which offset some weakness in energy shares after disappointing earnings from pipelines operator Enbridge, Inc. (ENB.TO).

Enbridge reported Friday a net loss for the fourth quarter compared to a profit last year, hurt by higher commodity costs. Adjusted earnings missed estimates. Shares were up fractionally.

Bombardier Inc. (BBD-B.TO, BBD-A.TO) Friday said it has received firm orders for up to 17 aircraft valued to the extent of $852 million. The stock was down 2 percent

Telus Corp. (T.TO) has edged BCE Inc. to become Canada's second-biggest wireless operator in 2013. Telus added 1.3 percent.

In economic news, Euro area economic growth accelerated more-than-expected in the fourth quarter. Gross domestic product grew 0.3 percent sequentially, but analysts say the number may be too anemic to prevent a drop in interest rates by the European Central Bank.

Here at home, Canadian factory shipments unexpectedly fell in December on weaker demand for airplanes and cars.

And Canadian home sales fell for a fifth month in January.