Canada's main stock index rose on Thursday, led by a surge in materials stocks and upbeat earnings from Canadian Tire and Canada Goose Holdings
The TSX leaped 277.35 points, or 1.7%, to reach noon at 16,276.09.
The Canadian dollar regained 0.45 cents at 76.61 cents U.S.
Canada Goose beat estimates for quarterly revenue, while retailer Canadian Tire reported better-than-expected quarterly results.
Canada Goose tumbled 92 cents, or 2.1%, to $42.22., while Canadian Tire jumped $7.27, or 4.9%, to $155.00.
Aurora Cannabis jumped $1.55, or 26.6%, to $7.37, and Tourmaline Oil rose $1.27, or 7.4%, after multiple brokerages raised their price targets on the oil producer's stock.
Badger Daylighting was the biggest decliner on the TSX, falling $3.95, or 9.2%, to $36.90, after the construction and engineering services provider missed third-quarter revenue estimates, followed by Stantec, down $1.39, or 3.5%, to $38.19.
ON BAYSTREET
The TSX Venture Exchange recovered 23.68 points, or 3.4%, to 719.99.
All 12 TSX subgroups were up midday, with gold brightening 5.5%, materials and health-care booming 5.3% each.
ON WALLSTREET
Stocks jumped on Thursday on hopes the winner of the U.S. presidential election would soon be determined.
The Dow Jones Industrials came off its highs of the morning, but still flourished 390.21 points, or 1.4%, to 28,237.87.
The S&P 500 jumped 61.33 points, or 1.8%, to 3,504.77.
The NASDAQ screamed higher 242.71 points, or 2.1%, to 11,833.49.
Those gains put the major averages on pace for their biggest weekly gains since April. The Dow was up more than 6% week to date. The S&P 500 and NASDAQ were up 7% and 8.4%, respectively, over that time period.
Shares of major tech-related companies led the gains on Thursday. Facebook, Amazon, Netflix, Microsoft and Apple were all up more than 2%.
Investors in this high growth sector cheered a potential divided government as it likely means taxes won’t go up, antitrust scrutiny could stay in check and the China trade war doesn’t get any worse.
Sentiment on Thursday also got a boost from better-than-expected earnings out of Qualcomm and General Motors. Qualcomm’s stock popped more than 11%. General Motors shares gained 3.4%.
Investors also awaited the latest monetary policy announcement from the Federal Reserve. The central bank is expected to keep overnight rates near zero and to reiterate the need for more fiscal stimulus as the economy continues its recovery from the coronavirus pandemic.
Late Wednesday, media projected that former Vice President Joe Biden was the winner in Wisconsin and Michigan, both states that President Donald Trump won in the 2016 presidential election. Biden would then be just 17 Electoral College votes away from winning
Prices for the 10-Year Treasury were lower, raising yields to 0.79% from Wednesday’s 0.77%. Treasury prices and yields move in opposite directions.
Oil prices slid 60 cents to $38.55 U.S. a barrel.
Gold prices popped $48.3 to $1,944.50.
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