Canadian stocks extend gains for fifth week

SAN FRANCISCO (MarketWatch) � Canadian stocks edged up Friday for a weekly advance of 1.4%, extending its winning streak for a fifth week in a row.

The S&P/TSX Composite Index CA:$ISPTX �rose 16.41 points, or 0.1%, to close at 12,397.10.

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The benchmark index had weaved in and out of negative territory all day but gains in financial stocks helped to offset selling pressure from miners and telecom companies.

Market sentiment was generally subdued due to disappointing earnings from a pair of high-profile industry leaders.

General Electric Co. GE �early Friday reported its fourth-quarter profit declined to 35 cents a share from 42 cents a share a year earlier. The result fell short of 38 cents a share projected analysts in a FactSet Research survey. Read details on GE�s quarterly earnings

Late Thursday, Google reported fourth-quarter earnings of $8.22 a share, which also was significantly under the $10.51 a share forecast by analysts. Read more on Google.

Still, financial shares benefitted on reports that Greece is on the verge of finalizing a deal with international creditors to write down outstanding debt.

The S&P/TSX Capped Diversified Metals and Mining Index XX:TTMN �led decliners, shedding 1.9%, while the S&P/TSX Capped Information Technology Index XX:TTTK retreated 1.3%.

On the winning end, the S&P/TSX Capped Financial Index XX:TTFS �closed 1% higher while the S&P/TSX Capped Utilities Index XX:TTUT �and the S&P/TSX Capped Real Estate Index XX:TTRE �each rose 0.2%.

Large caps were mixed with Research In Motion CA:RIM �RIMM slumping 3.1% and Potash Corp. CA:POT �POT �shedding 1.9%. Manulife Financial CA:MFC �rallied 2.6% and Goldcorp CA:G gained 1.6%.

On the economic front, Canada�s annualized inflation in December was much tamer at 2.3% versus 2.9% in November, according to Statistics Canada.

The Canadian dollar eased against the greenback with the U.S. dollar USDCAD �up roughly 0.2% to trade at C$1.0121 in recent action.