* TSX rises for 2nd straight day, up 1.03 pct at 10,787.15
* Third weekly gain, fifth straight monthly advance
* Market shrugs off weak Canada GDP, focuses on U.S.
* Market closed on Monday for civic holiday (Adds details)
By Ka Yan Ng
TORONTO, July 31 (Reuters) - Toronto’s main stock index rose for a second straight session on Friday, showing broad strength across most sectors, underpinned by hopes for an economic recovery.
Commodity prices were also firm, with oil turning higher from early weakness and gold jumping to session highs, which lifted the resource-heavy index.
A tug of war between differing GDP reports from Canada and the United States made for choppy trading in the early hours of the session, but the TSX was comfortably higher from late morning onwards. [ID:nN31416560] [ID:nN31434455]
The S&P/TSX composite index .GSPTSE closed up 110.43 points, or 1.03 percent, at 10,787.15. Eight of its 10 main sectors were higher, with gains of about 1 percent in each of the heavyweight financials and energy, while materials climbed 2.27 percent.
Influential gainers came from all three key sectors, with Goldcorp G.TO leading the way, rising 3.78 percent to C$40.93. Energy giant EnCana ECA.TO was not far behind with a 1.99 percent gain to C$57.78, while Toronto-Dominion Bank TD.TO climbed 1.54 percent to C$63.11.
Investors set aside initial worries from data showing a a drop in consumer spending, while sentiment was lifted by a report showing business activity in the U.S. Midwest in July rose to its highest level since last September. [ID:nN31421044]
“Numbers in the States this morning weren’t too bad. Personal consumption was weaker, which was a bit of a concern, but the Chicago PMI came out as expected, which dissipated that number,” said Steve Ibel, institutional equities trader at Beacon Securities in Halifax, Nova Scotia.
The TSX also recorded its fifth straight monthly gain, rising 4 percent in July, in a final session that featured month-end rebalancing and thin volumes ahead of a long weekend.
The Toronto Stock Exchange will be closed on Monday, a public and market holiday in much of the country. (Reporting by Ka Yan Ng; editing by Rob Wilson)