The Toronto stock market jumped almost 100 points Friday afternoon following strong economic data from China and solid earnings reports from General Electric, Morgan Stanley and Google.
The S&P/TSX composite index climbed 99.73 points Friday to close out a short week at 13,136.09, after closing above 13,000 Thursday for the first time in more than two years
The Canadian dollar faded 0.03 cents to 97.13 cents U.S.
Telecoms advanced, with Telus ahead 92 cents to $35.42.
The industrials sector rose, as the aerospace division of Bombardier Inc. says one of China's top leasing companies is the previously unidentified customer for up to 30 of its new CSeries aircraft.
The buyer, CDB Leasing Co. Ltd., known as CLC, placed a conditional order in July 2011. Based on list prices, the initial contract would be worth about $1.02 billion U.S., and at $2.07 billion U.S. if all options were exercised and Bombardier shares gained 10 cents to $5.09, edging closer to its 52-week high of $5.18.
Financials were ahead and Scotiabank ran up 82 cents to $61.63.
The energy sector also rose as the Chinese data helped push the November contract in New York higher. Canadian Natural Resources gained 53 cents to $33.79.
Copper prices had earlier advanced in the wake of the data from China, the world's biggest consumer of the metal, but the December contract on the New York Mercantile Exchange closed unchanged at $3.30 U.S. a pound.
But the TSX base metals sector advanced and First Quantum Minerals climbed 35 cents to $19.00.
The gold sector declined after charging ahead almost 5% Thursday. Agnico Eagle Mines faded 68 cents to $25.62.
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 0.46 points to 951.12
All but one of the 14 Toronto subgroups were higher Friday, led by metals and mining stocks, up 1.6%, telecoms, ahead 1.5%, and real-estate, gaining 1.4%.
Only gold missed out on the party, sliding 0.8%.
ON WALLSTREET
Investors are high on Google. Its stock surged more 13% on the back of robust earnings and topped $1,000 U.S. for the first time Friday.
The Dow Jones Industrials recovered 28 points to finish an eventful week at 15,399.70, and is on pace to close up 1% for the week
The S&P 500 index hiked 10.96 points to 1,744.11, above yesterday’s all-time record, and is on track to gain more than 2% for the week. The NASDAQ picked up 51.13 points to 3,914.28, on track to finish up the week more than 3% higher.
The online search giant pulled up a slew of other well-known tech names with it. Amazon, Facebook, Yahoo! and LinkedIn all jumped more than 2%.
Shares of Mexican fast food chain Chipotle surged to an all-time high thanks to strong earnings.
The last of the big banks to report third quarter earnings, Morgan Stanley wowed investors with earnings and revenue that topped forecasts.
General Electric shares rose more than 2% after the bank reported better-than-expected earnings.
J.C. Penney continues to plummet. The troubled retailer's shares sank more than 4% Friday on more rumours of credit problems.
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 lower, lifting yields to Thursday’s 2.59%. Treasury prices and yields move in opposite directions.
Oil prices gained 14 cents to $100.81 U.S. a barrel.
Gold prices faded $7.70 to $1,315.30 U.S. an ounce.
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