Toronto's main stock index climbed higher on Thursday – though off its highs for the day -- buoyed by rising commodity prices and positive news from aircraft maker Bombardier Inc.
The S&P/TSX Composite Index gained 32.52 points by the closing bell to 14,116.10
The Canadian dollar was up 0.19 cents at 103.1 cents U.S.
Bombardier soared 13.2% to $7.13, and was among the most influential gainers. The company reported an 82% jump in fourth-quarter earnings as business jet orders picked up dramatically and it announced a $278-million contract for new trains.
In the materials group, Barrick Gold was up 0.6% at $50.39 while Yamana Gold gained a penny to $11.98.
Gold tracked higher as weakness in the U.S. dollar, debt worries in the euro zone and violence across the Middle East and North Africa drove investors toward the safe haven metal.
Oil and gas stocks gained, with Suncor Energy climbing 0.3% to $43.48 and Canadian Natural Resources ducked a nickel to $47.94
Capping some of the gains was a skid by diversified miner Teck Resources, which fell 2.6% to $51.39.
On the economic ledger, Statistics Canada came out with news this morning that January’s gross domestic product moved 0.5% higher, the same pace as in December. Growth was driven by manufacturing, transportation and wholesale trade. The finance and insurance sector, construction and real estate also contributed.
ON BAYSTREET
The TSX Venture Exchange gained 9.55 points to 2,295.99, while the Nasdaq Canada index slid 1.34 points to 765.01
In Toronto, nine of the 14 subgroups were positive at day’s end. Industrials were better by 2.1%, real-estate by 1%, and utilities by 0.8%.
The laggards were weighed by consumer discretionaries, down 0.4%, health-care, off 0.3%, and financials, sliding 0.2%.
ON WALLSTREET
In New York, stocks headed for a quiet end to what was a turbulent first quarter on Thursday, as investors digested economic data on jobs and a jump in oil prices.
The Dow Jones industrial average fell back into negative territory by 30.88 points to 12,319.70
The S & P 500 dipped 2.43 points to 1,329.08. The tech-rich Nasdaq Composite Index gained 4.28 to 2,781.07
Intel shares were the biggest drag on the Dow, falling more than 2%, after analysts at FBR Capital cut their price target on the chipmaker. Several S&P 500 oil and energy companies were higher in midday trading -- including Hess, Haliburton and Occidental Petroleum -- following a 2% rise in oil prices.
Stocks are on pace to finish this quarter with solid gains, despite the months of geopolitical turmoil in the Middle East, the March earthquake and nuclear crisis in Japan, and lingering concerns about the U.S. economy. The Dow is on pace to finish the quarter higher by 6.4%, the S&P 500 up 5.6% and the Nasdaq up 4.8%.
Shares of Warren Buffett's Berkshire Hathaway fell 1.4% on Thursday, after Buffett's heir apparent, David Sokol, quit. In a press release Wednesday, Buffett said the resignation was a "total surprise," but he also revealed that Sokol had purchased shares of Lubrizol before pushing him to buy the company in March for $9.7 billion U.S.
Shares of defense contractor Northrup Grumman fell 9% after analysts at Citigroup cut their price target for the company.
Economically speaking, the government's weekly jobless claims report showed a decline of 6,000 claims to 388,000 in the week ended March 26, which was slightly more than expected.
Economists had expected new claims to total 383,000 last week, according to a consensus of forecasts compiled by Briefing.com.
On Friday, the government will release the closely watched monthly jobs report. A CNNMoney survey of 18 economists forecasts a 180,000-person jump in payrolls for March, with the unemployment rate holding steady at 8.9%.
The Chicago-area purchasing managers' index for March fell to a reading of 70.6, compared to February's reading of 71.2. Economists were looking for a reading of 68.9.
The Commerce Department said factory orders fell by 0.1% in February. Economists had expected a 0.4% rise.
The price on the benchmark 10-year U.S. Treasury was flat, keeping yields at Wednesday’s 3.45%. Treasury prices and yields move in opposite directions.
Oil for February delivery gained $2.46 to $106.73 U.S. a barrel.
Gold futures for June delivery rose $14.50 to $1,438.80 U.S. an ounce.
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