Markets steady; gold, oil prices rise

Major North American stock markets showed little movement Friday as unsure investors avoided trading after an abundance of international news, including a U.S. air strike on Syria.

In Toronto, the S&P/TSX composite index dropped 30.05 points to 15,667.13, with trading volumes about 20 million lower than the average for the 30 trading days prior.

Meanwhile south of the border, U.S. stock indexes, after wavering up and down all day, wound up pretty much where they started.

In New York, the Dow Jones industrial average gave up 6.85 points to 20,656.10, the S&P 500 index edged down 1.95 points to 2,355.54 and the Nasdaq composite index fell 1.14 points to 5,877.81. News that the United States launched 59 missiles in an attack on a government-controlled airbase in central Syria Thursday after a chemical attack in the country killed more than 80 civilians, as well as a slowdown in U.S. hiring last month, left investors with little interest in making big moves in the market. The U.S. Labor Department said employers added 98,000 jobs, about half as much as analysts expected.

“It’s an exhausting amount of news,” said Peggy Bowie, a senior equity trader at Manulife Asset Management. “Definitely it’s a risk-off day. It’s a very nervous market out here.”

While the markets flat lined, gold, often seen as a safe haven during times of market stress, rose. The June bullion contract advanced $4.00 to US$1,257.30 an ounce. Overnight, the benchmark gold contract hit a 2017 high of US$1,271.50 — up $18.20 from Thursday’s close — before giving back most of its gains.

The May crude oil contract climbed 54 cents to US$52.24 per barrel, ending four consecutive days of gains totalling $2.00.