Toronto’s main stock index gained Thursday, rising on hope for resolutions to the Greek debt crisis and U.S. debt-ceiling negotiations.
The S&P/TSX Composite Index zoomed 93.47 points to end the day at 13,434.30
The Canadian dollar spiked 0.28 cents to 105.83 cents U.S., to a 3 1/2-year high.
In the energy sector, shares of Suncor Energy Inc. gained 2.5% to $39.28.
Among financials, shares of the Bank of Montreal added 1.2% to $61.59.
Industrial metals stocks tempered the gains, falling after HSBC’s China manufacturing Purchasing Managers’ Index fell to a 28-month low in July. China makes up a large portion of Canadian commodity exports.
Among metals and mining stocks, shares of copper mining company Ivanhoe Mines gained 0.3% to $24.95, even as copper futures lost 0.7%
On the economic slate, there were fewer of us on the pogey last month. Statistics Canada revealed this morning that the number of people receiving regular Employment Insurance benefits decreased by 18,100, or 3%, in May, to 577,300, the eighth straight monthly dip.
ON BAYSTREET
The TSX Venture Exchange moved forward 21.19 points to 2,039.05, while the Nasdaq Canada index was up 12.99 points to 565.26
In Toronto, all but two of the 14 subgroups gained ground Thursday. Health-care stocks led the charge, gaining 1.9%, while energy issues soared 1.6% and financials picked up 1.2%.
The two laggards were gold and material issues, each down 0.5%.
ON WALLSTREET
In New York, stocks advanced Thursday, following news that European leaders may have reached an agreement in Brussels to contain Greece's debt crisis.
The Dow Jones Industrials vaulted 152.50 points, or 1.2%, to conclude the session at 12,724.40
The S&P 500 picked up 17.96 points to 1,343.80, and the Nasdaq Composite Index moved higher by 20.20 points to 2,834.43
Market gains were broad, with 29 out of the 30 members of the Dow higher. The blue chips were led by shares of Walt Disney, Bank of America and Cisco. The only Dow member lower was Intel, which was down 1%. The chipmaker reported its earnings after Wednesday's closing bell.
Stocks started rising early Thursday on news that European Union officials have agreed to provide additional aid for Greece and overhaul the EU bailout fund, according to published reports.
Before the summit's official start, two crucial players -- German Chancellor Angela Merkel and French President Nicolas Sarkozy -- reached a consensus on a deal that would provide more aid to Greece.
Gains were further fueled in afternoon trading by reports that the White House and House Republicans may have reached an agreement regarding the country's deficit problems and the debt ceiling. Both the White House and House Speaker John Boehner's offices denied the reports.
Express Scripts announced early Thursday morning it will buy Medco Health Solutions in a deal worth $29.1 billion U.S., combining two of the country's largest pharmacy benefit managers. Shares of Medco spiked 13%.
Morgan Stanley's stock jumped almost 10%, after the bank reported a net loss of 38 cents per share, on revenues of $9.3 billion U.S. for the second quarter. Analysts had expected the Morgan Stanley to post a loss of 64 cents a share.
Shares of Motorola Mobility jumped 16% after activist investor Carl Icahn said that the company should explore auctioning off some of its key patents.
Genworth Financial shares slumped 16% after the company said late Wednesday that it expects to report a loss for the second quarter
After the bell, investors will get earnings results from Intel competitor Advanced Micro Devices, as well as software maker Microsoft
Economically speaking, the U.S. Labor Department's weekly report on initial unemployment claims climbed by 10,000 to 418,000 in the latest week. Economists surveyed by Briefing.com expected claims to rise to 411,000.
The Philadelphia Federal Reserve's manufacturing index rose to 3.2 in July, from a minus 7.7 reading the previous month. Economists were expecting manufacturing activity to stay flat during the month.
Federal Reserve Chairman Ben Bernanke began speaking midday Thursday in front of the Senate Banking Committee. The Fed chief is speaking on the Dodd-Frank financial regulatory reform law.
The price on the benchmark 10-year U.S. Treasury dropped sharply, pushing the yield up to 3.01% from 2.93% late Wednesday. Treasury prices and yields move in opposite directions
Oil for August delivery gained $2.00 to $99.40 U.S. a barrel.
Gold futures for August delivery fell $9.90 to $1,586.80 U.S. an ounce.
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