The Toronto stock market advanced Thursday as traders waded through a series of U.S. economic data.
The S&P/TSX composite index improved 30.05 points to greet noon Wednesday at 13,379.82
The Canadian dollar handed back 0.48 cents to 94.38 cents U.S.
The slide in the dollar came amid a report that suggests the Canadian economy will improve over the next two years. The Conference Board of Canada expects gross domestic product to grow just 1.8% this year but for momentum to pick up in 2014 and 2015.
The gold sector advanced, as Goldcorp was up 38 cents to $23.89.
December copper was unchanged at $3.21 U.S. a pound. Turquoise Hill Resources gained six cents to $4.53.
Telecoms were also supportive as Rogers Communications was up 42 cents to $46.65 a day after reaching a 12-year, $5.2-billion agreement with the National Hockey League that gives the company the league's broadcast and multimedia rights.
The interest-rate-sensitive utilities sector lost some strength with TransAlta Corp. down 45 cents to $14.22. The sector has been under selling pressure amid rising U.S. bond yields amid speculation about when the Federal Reserve might cut back on its $85 billion U.S. of monthly bond purchases.
On the corporate front, Descartes Systems Group says its long-time chief executive, Arthur Mesher, has retired as CEO and chairman of the board due to health and personal issues.
The company, which operates a global logistics system used by freight carriers, also said it expects revenue for its fiscal third quarter will be in a range of $38.5 million U.S. to $38.8 million U.S. versus expectations of $38.43 million.
That would be up from $32.7 million U.S. a year earlier.
It's also estimating income before income taxes being in the range of $4.1 million U.S. to $4.3 million U.S., against expectations of $4.42 million U.S. and its shares fell 85 cents to $13.80.
ON BAYSTREET
The TSX Venture Exchange inched ahead 0.94 points to 929.54
In all, 10 of the 14 TSX subgroups were higher, led by telecoms, up 0.9%, while industrials gained 0.8% and health-care stocks grew 0.7%.
The four laggards were weighed by utilities, down 1.1%, metals and mining, down 0.5%, and energy, down 0.2%.
ON WALLSTREET
Investors are heading into the Thanksgiving holiday in a cheery mood as markets look to extend this year's record-breaking run.
The Dow Jones Industrials added 16.21 points from Tuesday’s all-time high, to 16,089.
The S&P 500 index gained 3.44 points to 1,806.19. The NASDAQ added 16.79 points to 4,034.54
Year-to-date, these indexes have climbed between 20% and 35% so far thanks to a slowly recovering economy, solid corporate earnings and bond purchases by the Federal Reserve.
U.S. markets will be closed Thursday for Thanksgiving and will shut at 1 p.m. ET on Friday.
On the corporate front, Hewlett-Packard shares surged after the PC and printer maker reported quarterly earnings and sales that beat expectations.
Shares of US Airways were flat while American Airlines was up about 1% following reports that a bankruptcy judge approved a settlement with the federal government that will allow the two airlines to merge.
In economic news, claims for first-time unemployment benefits fell more than expected last week. Orders for durable goods fell in October, but the decline was more modest than forecasts.
The final reading from the University of Michigan and Thomson Reuters showed that consumer sentiment rose more than expected in November.
Prices for 10-year U.S. Treasuries sagged, raising yields to 2.77% from Tuesday’s 2.70%. Treasury prices and yields move in opposite directions.
Oil prices were down $1.52 cents to $92.16 U.S. a barrel.
Gold prices sank $1.40 to $1,240 U.S. an ounce.
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