The markets today

TORONTO (CP) — While U.S. markets set record highs, Canada’s main stock index ended the week lower as the loonie hit a nine-month high.

The S&P/TSX composite index closed down 39.78 points to 16,488.12 after hitting an intraday high of 16,525.70. Shopify Inc. drove technologies lower, while utilities, consumer staples and financials also fell.

Energy was marginally lower as the August crude contract was up one cent at US$60.21 per barrel and the August natural gas contract was up 3.7 cents at US$2.45 per mmBTU. Consumer discretionary, industrials, materials and real estate ended the day higher. Shares of several miners climbed, including Yamana Gold Inc. and Barrick Gold Corp, as the price of gold rose. The August gold contract was up US$5.50 at US$1,412.20 an ounce and the September copper contract was up 0.7 of cent at US$2.69 a pound.

The Canadian dollar traded for an average of 76.70 cents US, the highest level since October and compared with an average of 76.51 cents US on Thursday. American markets set record highs Friday as the prospect of interest rate cuts solidified with the comments from the governor of the Federal Reserve Bank of Chicago that the central bank’s focus is to pre-empt deflation.

In New York, the Dow Jones industrial average was up 243.95 points at 27,332.03, a record close and slightly lower than the intraday peak of 27,333.79. The S&P 500 index was up 13.86 points at 3,013.77, a tad lower than the high set earlier in the day, while the Nasdaq composite was up 48.10 points at 8,244.14.