Canadian stocks continued to rise on Thursday as industrials and consumer staples shares posted robust gains.
The S&P/TSX Composite Index advanced 25.02 points to approach noon at 11,589.82.
The Canadian dollar slid 0.20 to 97.40 cents U.S.
Valeant Pharmaceuticals International Inc. rallied 3.1% and Thomson Reuters Corp. climbed 2.1% while Agnico-Eagle Mines Ltd. gained 2.1%.
Speaking of things economic, Statistics Canada reported this morning that those of us receiving regular Employment Insurance benefits was little changed in March at 549,400, or pretty much where that number has been since last September.
ON BAYSTREET
The TSX Venture Exchange gained 12.29 points to 1,268.77, while the Nasdaq Canada staggered 3.22 points to 363.82.
Of the 14 Toronto subgroups, nine were higher by noon. Consumer staples and materials each climbed 0.8%, while gold gained 0.7%.
The five laggards were weighed mostly by global base metals, off 0.9%, while information technology trailed Wednesday’s close by 0.3% and the metals and mining slid 0.2%.
ON WALLSTREET
U.S. stocks were slightly lower Thursday, as investors reacted to a batch of lackluster U.S. economic data and ongoing concerns about Europe's debt crisis and the risk of Greece exiting the euro-zone.
The Dow Jones Industrials broke for lunch Thursday down 39.17 points to 12,456.98
The S&P 500 faded 4.20 points to 1,314.66. The tech-rich Nasdaq Composite Index shed 19.28 points to 2,830.84.
Shares of Dow component Hewlett-Packard jumped more than 5% a day after the company reported profit and sales that beat forecasts and raised its forecast for the full year. The company also announced plans to cut 27,000 jobs worldwide.
Warehouse retailer Costco reported improved earnings that were slightly better than forecasts early Thursday, on revenue that was roughly in line with estimates. Shares of Costco gained on the report.
But shares of luxury retailer Tiffany & Co. tumbled after it reported lower earnings that missed forecasts, despite improved revenue.
Shares of data storage firm NetApp plunged after the company gave fiscal first quarter earnings guidance well below the consensus estimates. The company did report better than forecast fiscal quarter earnings growth though.
Meanwhile, the Facebook saga continues as the social media company's IPO has sparked more lawsuits and investigations. Shares of the company edged higher Thursday, but still trade below the IPO price of $38 U.S.
Lead Facebook IPO underwriter Morgan Stanley and other underwriters made money on the trading of Facebook shares as prices dropped, sources at one of the underwriters told Fortune.
Meanwhile, worries about Europe's debt crisis and the threat of Greece leaving the euro-zone have unnerved investors on both sides of the Atlantic.
European leaders met Wednesday in an ad hoc summit to address the latest problems with sovereign debt amid growing worries that Greece is moving closer to dropping the euro, and the contagion effects an exit might have on other economies.
The meeting failed to establish any concrete solutions for resolving the sovereign debt crisis or moving forward with Greece.
German Chancellor Angela Merkel said, "We want Greece to stay in the euro, but we insist that Greece sticks to commitments that it has agreed to."
European stocks rose between 0.6% and 1.5%, rebounding from the prior day's selloff.
On the economic slate, the number of people filing for first-time unemployment benefits dipped 2,000 to 370,000 in the latest week, the U.S. Labor Department said Thursday. The number was in line with economists' forecasts.
Elsewhere, durable goods orders rose only 0.2%, less than economists were expecting. Excluding transportation goods, orders unexpectedly dropped 0.6%, compared to forecasts for a modest gain.
The price on the benchmark 10-year U.S. Treasury demurred, raising the yield to 1.77% from Wednesday’s 1.72%. Treasury prices and yields move in opposite directions.
The price of a barrel of oil was ahead $1.13 to $91.03 U.S.
Gold futures for June delivery rose $24.30 to $1,573.70 U.S. an ounce.
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