Canadian stocks fluctuated between slight gains and losses Thursday as earnings disappointments weighed on the mining and materials sectors.
The S&P/TSX Composite Index managed a gain of 34.79 points to conclude the session at 12,145.85
The Canadian dollar erased 0.04 cents, to 101.64 cents U.S.
Shares of Goldcorp Inc. dropped 6.3% to $37.95 after quarterly earnings fell short of forecasts.
Potash Corp. of Saskatchewan shares declined 3.4% to $42.15 after the fertilizer maker cut its full-year outlook.
On the other hand, shares of Husky Energy Inc traded up 1.7% to $24.71, after higher oil prices offset refining margins for an upside earnings surprise. Rival Imperial Oil demurred 0.1% to $45.20
Encana Corp. shares added to Wednesday’s gains, rising 5.8% to $19.43, after the oil and gas producer posted quarterly results.
Information technology issues zoomed with Research In Motion Ltd. shares up 3.7% to $13.91.
Economically speaking, Statistics Canada reported this morning that average weekly earnings of non-farm payroll employees registered at $886.45 in February, up 0.2% from January, a jump of 1.8% year over year.
ON BAYSTREET
The TSX Venture Exchange gained 22.12 points to 1,393.24, while the Nasdaq Canada index advanced 6.10 points to 415.72
Eight of the 14 Toronto subgroups were in the green by day’s end. Information technology soared 2.7%, while energy charged up 1.5% and industrials improved 1.2%.
The half-dozen laggards were weighed by health-care, 0.9% less robust, financials, off 0.7%, and materials, down 0.6%.
ON WALLSTREET
In New York, stocks rose Thursday, as hopes for more stimuli from the U.S. Federal Reserve overshadowed concerns about the job market and mixed corporate earnings.
The Dow Jones Industrials zoomed higher 113.90 points to end the session at 13,204.60.
Exxon was the biggest drag on the Dow after the oil company reported a decline in profit. Wal-Mart led gainers on the blue-chip index, rebounding after falling 8% so far this week despite a Mexican bribery scandal that is hanging over the world's largest retailer.
The S&P 500 grew 8.72 points to 1,399.41, while the tech-rich Nasdaq added 20.98 points to 3,050.61.
As of Wednesday, nearly half of the companies in the S&P 500 have reported first-quarter results, and 76% of them have beat expectations, according to experts.
Meanwhile, investors digested reports showing that initial jobless claims remain elevated while pending home sales have increased.
The pending home sales data lifted shares of home builders such as PulteGroup, DR Horton and Hovnanian
Exxon Mobil reported earnings of $2 U.S. per share, below expectations of $2.09 U.S. The nation's number-one oil company generated $9.45 billion U.S. in profits the quarter, compared to $10.65 billion U.S. a year earlier.
In anticipation of its profits, the oil industry went on the offensive, saying that one in 10 U.S. jobs created in 2011 was from Big Oil.
Shares of H&R Block plunged a day after the tax preparer said it would cut 350 full-time jobs nationwide and close 200 "underperforming" offices. The move should save H&R between $85 million and $100 million U.S. annually by the end of fiscal year 2013.
PepsiCo's stock edged higher after the company reported earnings of 69 cents U.S. per share and net revenue of more than $12.4 billion U.S., beating expectations.
UPS reported earnings of $1 U.S. per share, missing expectations by two cents U.S. The parcel delivery company, often seen as a bellwether of economic activity, reported revenue that was roughly in line with estimates.
Citrix Systems shares rose after the business software maker said Wednesday that revenue rose 20% in the first quarter and raised its outlook for 2012 sales.
Amazon and Starbucks will release earnings after the close. Analysts predict Amazon will post earnings of seven cents U.S. a share, an 84% drop from a year earlier, on revenue of $12.9 billion U.S. Meanwhile, Starbucks is expected to report earnings of 39 cents U.S. per share on revenue of $3.1 billion U.S.
Thursday's gains came one day after Fed Chairman Ben Bernanke said central bank policy is "approximately in the right place at this point." But he added that the Fed is "prepared to take further action" if the economy deteriorates.
Some investors took the comments as a sign the Fed is willing to extend its asset purchasing program, known as quantitative easing, according to some experts.
Economically, the number of people filing for first-time unemployment benefits dipped 1,000 to 388,000 in the most recent week, according to the U.S. Labor Department's weekly initial claims report.
The jobless claims number fell to four-year lows a few months ago, but has been climbing recently. Economists had expected the report to show that 365,000 people filed for their first week of jobless claims last week, down from 386,000 the week before.
Meanwhile, pending home sales rose 4.1% in March, according to the National Association of Realtors.
The pending home sales index, which reflects contracts but not closings, was expected to have risen 0.5%, according to a consensus of analysts.
The price on the benchmark 10-year U.S. Treasury gained ground, lowering the yield to 1.96% from Wednesday’s 1.98%. Treasury prices and yields move in opposite directions.
Oil for May delivery picked up 48 cents to $104.60 U.S. a barrel.
Gold futures for June delivery rose $16.20 to $1,658.50 U.S. an ounce.
