Another hike in oil prices help boost Canadian markets Friday morning, while a poorer-than-expected report on the U.S. economy dampened investor enthusiasm on Wall Street.

At midday, Toronto’s S&P/TSX composite index was up 33.6 points or 0.4% to 8476.79. The TSX Venture Exchange was ahead 7.31 points or 0.49% at 1492.24. Toronto markets will be closed Monday for Ontario’s Simcoe Day holiday.

In New York, the Dow Jones industrials were down 5.68 points or 0.06% at 10123.56, while the Nasdaq was up 9.36 points or 0.5% to 1890.42 and the S&P 500 was ahead just 0.36 of appoint to 1100.79.

The Canadian dollar gave up earlier advances to lose 0.17 of a cent by noon to US75.22¢. The U.S. dollar had earlier weakened with the release of data showing second-quarter gross domestic product missed expectations.

The U.S. report frightened off investors as well. It showed that U.S. GDP rose at an annual rate of 3%, instead of the 3.7% that had been widely expected. That was a substantial comedown from the 4.5% growth racked up in the first quarter and the slowest quarterly growth rate since first-quarter 2003.

U.S. economists said most people thought the rate of the economy would slow, but not this soon. Canadian observers, however, offered a slightly different take.

Sherry Cooper, chief economist with BMO nesbitt Burns Inc., noted that U.S. Q1 growth was revised up to 4.5% as part of the annual benchmark revisions (previously reported as 3.9%), which is a bit of a wash.

In addition, she said, while real consumer spending expanded only 1.0% in Q2 partly due to the spike in gasoline prices, both consumers and business are expected to do better in Q3. Cooper also noted that Friday’s GDP data incorporate complete figures only through May, and as such, the data do not say much about where the economy is now.

On Bay Street, the TSX energy sub-index helped boost the markets. They were ahead 0.77% as the price of oil continued to run up despite an indication from the Russian Justice Ministry that the feared collapse of the country’s biggest oil company is not imminent. The cost of a barrel of crude climbed US72¢ to US$43.47.

Suncor Energy, which reported strong Q2 profit numbers this week, was one of the big movers, gaining 2.57% on heavy volume.

Gold shares also were up, by 1.24% as the price of bullion rose US$3.80 to US$390.30 an ounce. Barrick Gold was up 1.52%.

Financial stocks were another gainer, rising 0.72% in the morning. CIBC, Royal Bank of Canada and Bank of Nova Scotia were all ahead by about 1% or more.

Overseas, Tokyo’s Nikkei Stock Average of 225 issues rose 208.94 points, or 1.88% to 11325.78 points.

In Hong Kong, the main Hang Seng Index rose 54.93 points or 0.45% to 12238.03. The market was hit by selective bargain hunting after Thursday’s declines, brokers said.

London’s FTSE 100 up two points just before the close to 4,420.7. Frankfurt’s DAX 30 inched up 0.45% and the Paris CAC 40 added 0.38%.