Canadian Stocks Rise, Led By Financials -- Canadian Commentary

(RTTNews) - The Canadian market pushed higher Friday, led by strong financial stocks in reaction to solid earnings from top U.S. lenders.

JPMorgan Chase and Bank of America posted better-than-expected quarterly results due to increased revenue from trading activity.

The S&P/TSX Composite Index rose 79.12 points, or 0.51 percent, to 15,497.28, staying near a 2-year peak from earlier in January.

Financials and energy stocks were fractionally higher, while weaker health care shares put a cap on the day's advance.

Crude oil futures fell Friday, posting a weekly decline amid lingering doubts that OPEC will curb supplies.

WTI light sweet crude oil was down 64 cents, or 1.2%, to end at $52.37/bbl. Prices were down 3 percent for the biggest weekly decline in two months.

Data from Baker Hughes Friday revealed that the number of active U.S. rigs drilling for oil fell by 7 to 522 rigs this week. The count had risen ten weeks in a row.

In corporate news, Empire Co. (EMPa.TO), the parent of Sobeys grocery chain, announced on Thursday that Michael Medline has been appointed president and CEO of both Empire and Sobeys, effective immediately. Medline formerly ran Canadian Tire.

BMO Capital Markets, the investment banking subsidiary of Bank of Montreal (BMO.TO) announced that Luke Seabrook has been appointed Chief Operating Officer.

A CP Rail (CP.TO) train carrying coal derailed near Ashcroft, B.C. The company says there were no injuries.