Canada's main stock index was on track for the fourth day of gains on Thursday after the United States and China indicated they would return to the negotiating table, lifting investors’ hopes of a resolution to the long-drawn trade dispute.
The S&P/TSX Composite leaped 112.47 points to open for Thursday at 16,384.12
The Canadian dollar inched forward 0.05 cents to 75.19 cents U.S.
The largest percentage gainers on the TSX were ATV maker BRP Inc, which jumped 12% to $44.98 after posting better-than-expected profit, and Hudbay Minerals, which rose 5.2%, to $4.45.
Alacer Gold fell 4.1%, the most on the TSX, to $5.89. The second biggest decliner was Transcontinental Inc down 0.7% to $13.78
On the economic front, Statistics Canada reported that average weekly earnings by non-farm employees averaged $1,026 in June, down 0.5% from the previous month, and up 2.5% on a year-over-year basis.
ON BAYSTREET
The TSX Venture Exchange marched ahead 2.49 points to 586.31
All but three of the 12 Toronto subgroups grew at the outset, with energy perking 1.8%, consumer discretionary stocks up 1.2%, and industrials better by 1%.
The three laggards were gold, dulling in price 1.2%, materials, sliding 0.3%, and real-estate, subsiding 0.2%.
ON WALLSTREET
Stocks jumped on Thursday after China said it wished to resolve its protracted trade dispute with the world’s largest economy with a “calm ” attitude.
The Dow Jones Industrial Average added 333.16 points, or 1.3%, to greet noon Thursday at 26,369.26.
The S&P 500 grew 36.82 points, or 1.3%, to 2,924.76,
The NASDAQ popped 121.79 points, or 1.6%, to 7,978.67
The Dow and S&P 500 were both down around 3% in August entering Thursday’s session. The NASDAQ had lost nearly 4%.
When asked about its ongoing trade war with the U.S., China’s commerce ministry said Thursday that it was opposed to escalating trade tensions, hinting Chinese authorities will not retaliate against the latest round of U.S. tariffs.
Trade bellwethers Boeing and Caterpillar rose at least 0.8% each while Deere traded 2.5% higher. Micron Technology gained 3.7%.
In economic news, second-quarter U.S. gross domestic product growth was revised down to 2% from 2.1%. The revision was in line with analyst expectations. Pending home sales for June were to follow later in the session.
Prices for the benchmark 10-year U.S. Treasury fell, raising yields to 1.52%
from Wednesday’s 1.47%. Treasury prices and yields move in opposite directions
Oil prices gained 80 cents to $56.58 U.S. a barrel.
Gold prices faltered $2.60 to $1,546.50 U.S. an ounce.
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