Canadian Stocks Move Mostly Higher After Early Volatility

(RTTNews) - After showing a lack of direction early in the session, Canadian stocks have moved mostly higher over the course of the trading day on Friday.

The benchmark S&P/TSX Composite Index has climbed more firmly into positive territory and is currently up 133.80 points or 0.4 percent at 33,728.78.

The strength that emerged on Bay Street came after the U.S. Supreme Court struck down most of President Donald Trump's sweeping global tariffs, delivering a major blow to the president's signature economic policy.

The nation's highest court ruled in a 6-3 decision that the International Emergency Economic Powers Act, or IEEPA, does not authorize the president to impose tariffs.

However, the court's decision does not address whether the more than $130 billion in tariffs that has already been collected should be refunded, with Justice Brett Kavanaugh predicting "that process is likely to be a 'mess.'"

Technology stocks have helped lead the way higher, with the S&P/TSX Capped Information Technology Index spiking by 3.3 percent.

Meanwhile, energy stocks are giving back ground along with the price of crude oil, dragging the S&P/TSX Capped Energy Index down by 1.5 percent.

The earlier volatility came after Statistics Canada released a report showing Canadian retail sales decreased 0.4 percent. Sales fell in three of the nine subsectors, led by decreases at motor vehicle and parts dealers.

Statistics Canada said core retail sales, which exclude gasoline stations and fuel vendors and motor vehicle and parts dealers, dipped by 0.3 in December.

A separate Statistics Canada report said its Industrial Product Price Index jumped 2.7 percent month-over-month in January and surged 5.4 percent year-over-year.