The Toronto stock market was modestly higher Thursday as positive U.S. economic data helped balance interest rate concerns.
The S&P/TSX composite index ended the day up 27.79 points, at 14,361.83.
The Canadian dollar was up 0.01 cents at 88.95 cents U.S.
The gold sector was ahead even as hopes that the Ukraine crisis won't worsen weakened bullion prices for a fourth day.
Osisko Mining, which is fighting a hostile takeover attempt by Goldcorp, says costs are going down and production is rising at its Canadian Malartic mine in northern Quebec.
It added it expected to produce between 525,000 to 575,000 ounces of gold this year, up from 475,277 ounces in 2013. Its shares finished unchanged at $7.59.
Goldcorp shares retreated four cents to $29.96.
Nervousness about Chinese growth continued to pummel copper prices with the May contract falling six cents to $2.93 U.S. a pound but the base metals sector turned around and was also up. Copper prices have tumbled more than 9% since March 6. Teck Resources dipped 11 cents to $22.97.
There have been worries that commodity financing deals in China could unravel, resulting in widespread metals liquidation.
And on Thursday, Goldman Sachs lowered its 2014 gross domestic product forecast for China to 7.3% to 7.6%.
The financials group climbed as Royal Bank of Canada took on 35 cents to $72.19, and TD gained 21 cents to $51.80
Oil prices declined, but the energy sector improved, as Imperial Oil picked up 23 cents to $51.00, and Suncor docked seven cents to $36.47.
On the economic beat, Statistics Canada reported this morning that 502,500 people received regular Employment Insurance (EI) benefits in January, down 9,900, or 1.9%, from the previous month.
ON BAYSTREET
The TSX Venture Exchange eased 3.61 points to 1,035.26
Eight of the 14 Toronto subgroups were higher, led by the metals and mining group, up 0.7%, financials, ahead 0.6%, and global base metals, up 0.5%.
The half-dozen laggards were weighed mostly by industrials, down 0.8%, utilities, sliding 0.7%, and consumer discretionary stocks, down 0.4%.
ON WALLSTREET
Investors jumped back into the stock market Thursday as they reconsidered what U.S. Federal Reserve chair Janet Yellen said Wednesday in her first official press conference.
The Dow Jones Industrial Average sprang higher 108.88 points to 16,331.05
The S&P 500 index recovered 11.24 points to 1,872.01. The NASDAQ gained 11.69 to 4,319.29
In corporate news, homebuilder Lennar issued a strong report and said new orders in its latest quarter rose 10%. But the stock fell in afternoon trading.
Shares of other residential construction companies were also lower, including KB Home, D.R. Horton and Hovnanian. The group rallied on Wednesday though, following strong earnings from KB Home.
3D printer stocks fell after ExOne reported a larger-than-expected loss and issued an outlook that disappointed investors. 3D Systems and Voxeljet were caught in the downdraft.
Shares of Chipotle Mexican Grill rose to an all time high above $600 U.S. after analysts at Sterne Agee said the stock could hit $742 U.S. in the near future.
Chipotle shares have surged 900% over the past five years as the burrito chain has enjoyed strong growth. But the stock has been heavily shorted by investors, such as hedge fund manager David Einhorn, who say it is overvalued.
Shares of Guess fell after the apparel maker's revenue forecasts fell below analyst expectations. Dow component Nike will report after the market closes.
In economic news, the U.S. government said initial claims for unemployment benefits rose last week. An index of manufacturing activity by the Federal Reserve Bank of Philadelphia bounced back in March. The National Association of Realtors said rising prices and cold weather weighed on sales of existing homes in February.
Investors are still digesting the outcome of the Federal Reserve's policy meeting Wednesday -- the first under the direction of chair Janet Yellen.
The Fed will continue reducing its bond buying in April and the central bank will now base its interest rate policy on inflation data and a broad array of labor market indicators, instead of the unemployment rate alone.
Prices for 10-year U.S. Treasuries were down, lifting yields to 2.78% from Wednesday’s 2.77%. Treasury prices and yields move in opposite directions.
Oil prices slid 99 cents to $99.38 U.S. a barrel.
Gold prices subsided $13.20 to $1,328.10 U.S. an ounce.
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