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Stocks Blast out of the Blocks

Manufacturing Figures Out

Canada's main stock index opened higher on Thursday boosted by materials stocks, while investors repriced their expectations of the first rate cut to May by the U.S. Federal Reserve.

The TSX Composite leaped 120.58 points to begin Thursday to 21,142.46.

The Canadian dollar recovered 0.12 cents at 74.55 cents U.S.

In corporate news, Rogers Communications topped analysts' expectations for quarterly wireless subscriber additions, while Canada Goose forecast its fourth-quarter revenue above expectations. Rogers shares galloped $1.48, or 2.4%, to $64.28.

A top U.S. bank regulator on Wednesday imposed a $65-million fine on the Royal Bank of Canada's American unit, City National Bank, over gaps in the lender's risk management and internal controls. RBC shares in Toronto picked up 25 cents to $131.46.

On the economic docket, the Markit Manufacturing PMI in Canada came in at 48.3 points in January compared to 45.4 in December.


The TSX Venture Exchange zoomed 9.6 points, or 1.7%, to start out Thursday at 559.06.

All but two of the 12 subgroups were higher, with gold soaring 2,2%, materials stronger 1.6%, and health-care down 1.4%.

The real-estate sector dipped 0.4%, while financials lost 0.2%.


The S&P 500 rose Thursday following a dismal day for the major averages after the Federal Reserve held steady on rates but signaled that a March cut is unlikely.

The Dow Jones Industrials recovered 135.62 points to 38,285.92.

The S&P 500 index recouped 28.89 points to 4,874,54.

The NASDAQ index climbed 129.32 points to 15,293.33.

Shares of conglomerate Honeywell sank nearly 4% after fourth-quarter revenue results missed analyst forecasts. Stock in chipmaker Qualcomm pulled back 3.8% after lower-than-expected revenue guidance overshadowed a first-quarter earnings beat.

Qualcomm shares dipped 4% even after the chipmaker reported fiscal first-quarter results that topped earnings and revenue estimates, citing strength in handset chips sales.

Wall Street is coming off a poor session. The Dow fell 317 points, or 0.8%, posting its worst day since December. The S&P 500 slid 1.6% on Wednesday in its worst day since September. The NASDAQ Composite lost 2.2%, its worst session since October.

Those losses come after Fed Chair Jerome Powell in his post-meeting conference discouraged investor hopes for a rate cut as soon as March, sending equities tumbling.

Prices for the 10-year Treasury strengthened, lowering yields to 3.88% from Wednesday’s 3.93%. Treasury prices and yields move in opposite directions.

Oil prices rebounded 96 cents to $76.81 U.S. a barrel.

Gold prices slid $3.40 to $2,064.