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Canada’s main stock index completed its first losing week in five after falling from a record high as investors remained cautious about trade risks and pot stocks gave up some of their gains from earlier this week. U.S. markets ended higher.

The S&P/TSX composite index closed down 44.35 points at 16,954.84. The health-care sector was largely responsible for the TSX staying in the red, as cannabis shares retreated on profit-taking after three days of gains. Canopy Growth lost 9.4 per cent, after global alcohol giant Constellation Brands Inc. said it did not plan to make any more cash contributions to the Canadian cannabis firm.

The Canadian dollar traded for 75.26 cents US compared with an average of 75.27 cents US on Thursday.

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The January crude contract was down 81 cents at US$57.77 per barrel and the January natural gas contract was up 8.8 cents US$2.71 per mmBTU.

The December gold contract was unchanged at US$1,463.60 an ounce and the December copper contract was up 2.45 cents at US$2.65 a pound.

Wall Street advanced on Friday as both Washington and Beijing made positive comments on the potential for a trade deal between the world’s two biggest economies and upbeat domestic economic data helped to ease investor worries.

U.S. President Donald Trump told Fox News a trade deal was “potentially very close” following remarks by President Xi Jinping that Beijing wanted to work out an initial agreement.

In New York, the Dow Jones industrial average was up 109.33 points at 27,875.62. The S&P 500 index was up 6.75 points at 3,110.29, while the Nasdaq composite was up 13.67 points at 8,519.88.

The S&P 500 and the Dow showed their biggest daily gains in a lacklustre week marked by uncertainty, with a report suggesting the delay of a trade truce to 2020 and U.S. lawmakers passing two bills supporting protesters in Hong Kong, which could complicate U.S.-China talks.

Strategists said it helped that Trump was vague on Friday about whether he would sign or veto the bills.

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Mark Luschini, chief investment strategist at Janney Montgomery Scott in Philadelphia, attributed Friday’s gains to strong U.S. manufacturing data as well as the improving mood on trade. He said investors were cautious about the apparent trade progress, however.

“President Trump saying it’s close is news we’ve heard before. How close is close? Close but not quite or close but I could change my mind?” he said. “That’s what’s keeping the market on its heels at the moment, keeping the move a little bit more timid.”

Manufacturing output accelerated in November to its fastest pace in seven months and services activity picked up more than expected.

Reuters, with files from The Globe and Mail

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