Canadian Stocks Extending Win Streak -- Canadian Commentary

(RTTNews) - Canadian stocks were moving toward their ninth consecutive daily advance on Friday, as encouraging economic news from Europe helped drive widespread gains.

After creeping higher last week, stocks accelerated to the upside after Tuesday's remarks from Federal Reserve Chairman Janet Yellen, who said she would continue Ben Bernanke's ultra-easy monetary policy.

The S&P/TSX Composite Index jumped 66 points to 14,064.65, its highest since January 25.

That's despite another round of disappointing earnings news, this time from the oil patch.

Pipelines operator Enbridge, Inc. (ENB.TO) 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 flat.

Barrick Gold (ABX.TO) will be in focus a day after saying its has slashed gold reserves 26 percent and cut its capital-spending plans nearly in half. Barrick shares added 2 percent.

Gold stocks in general have performed well this month, as the price of U.S. gold futures jumped above $1300 an ounce.

In economic news, Euro area economic growth accelerated more-than-expected in the fourth quarter. Gross domestic product grew 0.3 percent sequentially.

Canadian factory shipments unexpectedly fell in December on weaker demand for airplanes and cars.