Stock markets in Toronto hit their highest level of the week on Thursday, led higher by Royal Bank of Canada after strong quarterly earnings and further boosted by a rally in Research in Motion Ltd after an influential upgrade.
The S&P/TSX Composite Index was ahead 62.52 points to close the session at 12,202.85
The Canadian dollar sifted off 0.08 cents to 100.71 cents U.S.
The market was also supported by optimism that a deal would be reached to avert the U.S. fiscal crisis and positive housing data from the country, Canada's biggest trading partner.
Some experts expressed the view that the combination of healthy Canadian bank earnings and some encouraging global economic data could help the Toronto index extend gains further into the end of the year.
Energy stocks such as Canadian Natural Resources rose 24 cents, or 0.9%, to $28.48, and Suncor Energy climbed 15 cents, or 0.5%, to $32.88.
Financials were up, with Royal Bank of Canada rising 32 cents, or 0.6%, to $58.67. Canada's biggest bank reported a 22% jump in fourth-quarter profit on rising fixed income trading revenue and steady loan growth.
Shares of other banks rose on optimism about the strength of the sector, and some of them will be reporting quarterly results next week.
Toronto Dominion Bank was up $1.19, or 1.5% at $82.71.
Research in Motion, which surged more than 12% in early trading, was up 44 cents, or 4% at $11.44 after Goldman Sachs upgraded the stock ahead of the release of its BlackBerry 10 device lineup.
On the economic slate, figures released by Statistics Canada told us that the raw materials price index was unchanged in October, while its industrial products price index demurred 0.1% last month over September, largely the result of lower prices for petroleum and coal products.
ON BAYSTREET
The TSX Venture Exchange added 13.01 points to 1,218.38
All 14 Toronto subgroups gained ground, led by global base metals, prospering 1.4%, information technology, up 1.3%, and the metals and mining group, up 1%
ON WALLSTREET
U.S. stocks rose modestly Thursday, but closed below the day's highs as investors digested downbeat comments from House Speaker John Boehner on ongoing fiscal cliff negotiations.
The Dow Jones Industrials ended the day up 36.71 points to 13,021.80.
The S&P 500 moved 6.04 points higher to 1,415.97 and the Nasdaq Composite Index gained 20.25 points to 3,012.03
Investors also sifted through a batch of quarterly results. Grocery chain Kroger shares rose sharply after the company posted better-than-expected results for the third quarter and also lifted its outlook for the year.
Shares of troubled bookseller Barnes & Noble sank 11% after the company posted a loss of four cents U.S. per share and a revenue decline of 0.4%.
Shares of Tiffany tumbled 6% after the luxury retailer reported third-quarter earnings that missed estimates. The company cut its forecast for the full-year.
Kohl's sales at stores open at least a year sank 5.6%, sending the retailer's stock down 12%.
Same-store sales at Gap improved, but the increase was less than expected.
Macy's shares dropped as November same-store sales unexpectedly slipped, and shares of Target were under pressure after the retailer reported a 0.1% decline in sales.
Lawmakers and the White House have been in talks for months to try and avoid the slew of year end tax increases and spending cuts known as the fiscal cliff .
On the economic front, the U.S. government said gross domestic product grew at a 2.7% annual rate in the third quarter.
Separately, weekly claims for U.S. unemployment claims fell 23,000 to 393,000.
Moreover, pending home sales jumped 5.2% in October from a year earlier, according to the National Association of Realtors. Outside of a few spikes driven by the $8,000 home buyer's tax credit in 2009 and 2010, NAR said pending home sales are at the highest level since March 2007.
Treasury prices were unchanged on the day, keeping yields at Wednesday’s 1.62%. Treasury prices and yields move in opposite directions.
Oil prices improved $1.33 to $87.82 U.S. a barrel.
Gold prices spiked $9.50 an ounce to $1,726 U.S.
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