Equtiies in Toronto advanced on Thursday as bullish U.S. economic data lifted confidence in equities and shares of energy companies rebounded after a brutal selloff in the previous session.
The S&P/TSX composite index spiked 208.54 points, or 1.5%, to greet noon at 14,061.49.
The Canadian dollar dumped 0.38 cents to 86.71 cents U.S.
The energy sector has been a factor in the Canadian equity market's recent moves, including a 2.4% drop on Wednesday. Energy shares have fallen about 41% since mid-June.
Shares of energy producers jumped as Canadian Natural Resources Ltd was up 2% at $34.51, and Talisman Energy Inc advanced 4.4% to $4.48.
Cenovus Energy said it planned to reduce capital spending by about 15% in 2015. The stock rose 1.7%to $21.19.
Financials climbed with Bank of Nova Scotia rising 1.1% to $64.82 and Royal Bank of Canada gaining 0.9% to $79.30.
On the economic calendar, Statistics Canada's New Housing Price Index rose 0.1% in October, following an identical increase in September.
ON BAYSTREET
The TSX Venture Exchange turned positive 2.22 points to 670.13
All 14 Toronto subgroups were positive, led by energy, ahead 2.3%, telecoms, up 2.1%, and health-care, better by 1.6%.
ON WALLSTREET
U.S. stocks surged on Thursday after the prior day's drubbing, as investors embraced data that had retail sales climbing in November and jobless claims falling last week.
The Dow Jones Industrials jumped 215.34 points, or 1.2%, to 17,748.49 midday Thursday, with Exxon Mobil leading blue-chip gains that included all of its 30 components.
The S&P 500 regained 28.49 points to 2,054.63, with energy the best performing of its 10 major industry groups, all of which advanced.
The NASDAQ index recouped 74.64 points to 4,758.67.
Figures from the U.S. Commerce Department had retail sales rising 0.7% last month, the largest increase in eight months.
After the stronger-than-expected retail report, the National Retail Federation told reporters its forecast "is right on track" for a 4.1% sales growth this holiday season.
Separately, the U.S. Labor Department reported fewer Americans filed unemployment claims last week.
Prices for 10-year U.S. Treasuries slipped, lifting yields to 2.20% from Wednesday’s 2.17%. Treasury prices and yields move in opposite directions.
Oil prices moved up 10 cents per barrel to $61.04 U.S.
Gold prices fell $1.30 an ounce at $1,228.10 U.S.
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