Stocks in Toronto jumped more than 2% on Thursday, recouping this week's hefty losses, as a surge in crude prices fueled a rally in energy shares and helped lead an across-the-board bounce.
The S&P/TSX composite index skyrocketed 331.19 points, or 2.5% to greet noon at 13,712.78
The Canadian dollar moved up 0.53 cents to 75.75 cents U.S.
Suncor Energy Inc was the most influential gainer on the index, jumping 4.9% to $36.22. It was closely followed by Canadian Natural Resources, which soared 7.5% to $27.95.
Canada's biggest bank, Royal Bank of Canada, jumped 2.4% to $73.80.
On the earnings front, both Toronto-Dominion Bank and Canadian Imperial Bank of Commerce reported higher third-quarter profits that topped estimates. The results helped TD rise 1.1% to $52.38, while CIBC rose 5.6% to $95.40
ON BAYSTREET
The TSX Venture Exchange added 13.77 points, or 2.6%, to 543.47
All 14 TSX subgroups remained positive by noon hour, led by metals and mining, galloping 9.3%, global base metals, better by 6.9%, and energy, up 6.3%.
ON WALLSTREET
U.S. stocks attempted a bounce for a second consecutive day on Thursday, amid continued signs of strength in the U.S. economy, following the recent plunge in global markets that sent the major averages into correction territory.
The Dow Jones industrial average skyrocketed 320.14 points, or 2%, to 16,605.65. Chevron jumped more than 5% to lead all blue chips higher.
The S&P 500 hiked 37.25 points, or 1.9%, to 1,977.76. Energy surged more than 4% to lead all 10 S&P 500 sectors higher.
The NASDAQ index leaped 91.17 points, or 1.9%, to 4,788.71.
Apple jumped more than 2% but remains in correction territory. The stock closed out of a bear market on Wednesday.
Some major earnings were also due for release Thursday, including Dollar General, Tiffany and Signet Jewelers before market open.
Autodesk, GameStop, Smith & Wesson and Splunk are due after the bell.
Tiffany earned an adjusted 86 cents U.S. per share for its latest quarter, missing estimates by five cents. Revenue was also below forecasts, with the luxury goods retailer pointing to the negative effects of a strong dollar and challenging economic conditions in certain markets.
Dollar General beat estimates by one cent with quarterly profit of 95 cents U.S. per share, though revenue was slightly below forecasts.
The discount retailer said both customer traffic and average purchases grew during the quarter.
The second estimate of second-quarter GDP came in at 3.7%, topping the first read of an annualized 2.3%
Weekly jobless claims came in slightly lower than expected at 271,000, marking the first decline in five weeks and indicating continued improvement in the labour market.
July pending home sales rose 0.5%, holding steady from an upwardly revised June reading of a 0.5% increase.
Prices for 10-year U.S. Treasuries dipped, raising yields to 2.19% from Wednesday’s 2.13%. Treasury prices and yields move in opposite directions.
Oil prices ballooned $2.71 a barrel to $41.31 U.S.
Gold prices regained $1.40 to $1,126 U.S. an ounce.
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