The Toronto stock market was higher Friday amid strong economic data from China and solid earnings reports from General Electric and Morgan Stanley.
The S&P/TSX composite index climbed 69.86 points at the open to 13,106.22
The Canadian dollar eked up 0.01 cents to 97.23 cents U.S.
Copper prices advanced in the wake of the data from China, the world's biggest consumer of the metal. The December contract on the New York Mercantile Exchange rose one cent to $3.31 U.S. a pound. The TSX base metals sector advanced and First Quantum Minerals climbed 17 cents to $18.82.
On the economic beat, Statistics Canada said consumer prices rose 1.1% in the 12 months to September, matching the increase in August. The market call was for an increase of 1%. The agency added that, on a seasonally-adjusted monthly basis, the Consumer Price Index rose 0.2% in September, following a 0.1% increase in August. Market call was for 0.1%.
ON BAYSTREET
The TSX Venture Exchange lopped off 0.20 points to 951.38
All but one of the 14 Toronto subgroups moved higher, led by real-estate, gaining 1.1%, telecoms, better by 0.8%, and industrials, picking up 0.7%
Only gold’s 0.1% loss kept things from being unanimous.
ON WALLSTREET
The rally continues -- at least for the S&P and NASDAQ indices.
Now that investors don't have to worry about the United States defaulting on its debt for at least a few months, they're turning their attention to the broader economy and corporate earnings, and they like what they see.
The Dow Jones Industrials faded 19.02 points to open the week’s last session at 15,352.60
The S&P 500 index hiked 7.47 points to 1,740.62, above yesterday’s all-time record. The NASDAQ picked up 31.13 points to 3,894.28
Google shares hit new highs, after the online search giant reported quarterly earnings and sales that beat expectations.
Shares of Mexican fast food chain Chipotle also surged to an all-time high thanks to strong earnings.
Morgan Stanley, the last of the big banks to report, posted earnings and revenue that topped forecasts.
General Electric reported a slide in quarterly earnings, dragged down by restructuring expenses. But profits were better than expected, sending the stock higher.
Beyond earnings, British bank HSBC said it will appeal after being ordered to pay at least $2.5 billion U.S. in damages after losing a U.S. class action case against Household International, a mortgage and credit card company that it bought in 2002
China's economic growth also offered some reason for optimism.
China's economy grew 7.8% during the third quarter, the strongest performance since the end of last year.
Economists are becoming less worried that China's growth trajectory will slow down dramatically. The news from China helped send world markets higher
Prices for the 10-year U.S. Treasury inched higher, lowering yields to 2.58% from Thursday’s 2.59%. Treasury prices and yields move in opposite directions.
Oil prices eked up eight cents to $100.75 U.S. a barrel.
Gold prices faded $8.10 to $1,314.90 U.S. an ounce.
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