In New York, the Dow Jones industrial average fell 62.76 points to 26,671.95, but up 6.4 percent for the week. The S&P 500 Index was up 9.16 points to 3,224.73, while the Nasdaq composite was up 29.36 points to 10,503.19.
Gains in raw materials and manufacturers offset energy and financial losses.
The rally in precious metals, gold and silver, was driven by concerns over inflation, with the Federal Reserve increasing the money supply, said Philip Petursson, chief investment strategist at Manulife Investment Management.
“This is the continuation of the gold rally that we have seen since the end of March,” he said.
Materials rose 2.2% with stocks of Silvercorp Metals Inc. and Kinross Gold Corp. up 9.7 and 4.4% respectively.
The August gold contract rose US $ 9.70 to US $ 1,810.00 per ounce and the September copper contract rose 0.3 cents to US $ 2.90 per pound .
Industrial products rose 1.3%, with Canadian Pacific Railway increasing 1.7% and CN Rail 1.4% as traffic resumed week over week.
“It shows that the worst blockade is behind us and that some sectors are coming back faster than others,” said Petursson.
Air Canada, meanwhile, lost 3.15%, but ended the week up nearly 5% after a spectacular Wednesday.
Energy lost 1.4% with Crescent Point Energy Corp. down 4.5% and Vermilion Energy Inc. 4.3% due to lower crude and natural gas prices.
The September crude oil contract fell 18 cents to US $ 40.75 a barrel and the August natural gas contract fell half a cent to almost US $ 1.72 per mmBTU.
The Canadian dollar traded at 73.67 US cents against 73.84 cents on Thursday.
The financial services sector fell, along with the initial results of US banks, where growth fell 34% year-over-year.
“So this extends to Canada where we expect to see equivalent declines in year-over-year profits for financial services. ”
Although wholesale sales in Canada increased in May after recording a record drop in April due to the COVID-19 pandemic, they were lower than expected. In the United States, consumer confidence has plummeted amid rising rates of COVID-19 infection in some states.
Nonetheless, the market appears to be refreshing economic data and increasing cases of the virus, Petursson said.
“We expect some data to start improving. But I don’t think it’s exceptional in any area and therefore I don’t think it has a significant impact on the markets. “