November 16, 2012 / 5:08 PM / 6 years ago

CANADA STOCKS-TSX turns positive on "fiscal cliff" talks

TORONTO, Nov 16 (Reuters) - The main Canadian stock index turned positive at midday on Friday as financial and energy stocks reversed course after U.S. politicians made conciliatory statements on the “fiscal cliff”.

At 11:50 a.m. (1650 GMT) the Toronto Stock Exchange’s S&P/TSX composite index was up 23.62 points, or 0.20 percent, at 11,835.00. The index, however, was still on track for its sharpest weekly drop since May

The move higher after a weaker morning coincided with positive statements from U.S. politicians from both major parties after they held talks on averting automatic tax hikes and spending cuts known as the “fiscal cliff”, which threatens to spur a recession.

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