The Toronto stock market enjoyed a strong open with traders feeling more optimistic that the euro-zone debt crisis is under control.
The S&P/TSX Composite index gained 89.74 points to begin Thursday at 11,582.25
The Canadian dollar added 0.78 cents to 99.25 cents U.S.
Among Canadian stocks to watch, Barrick Gold Corp, the world's largest gold miner, on Thursday reported a 35% decline in second-quarter profit and warned capital costs on one of its biggest growth projects will be much higher than previously forecast.
Potash Corp, the world's largest fertilizer maker, reported a 38 percent drop in second-quarter profit on Thursday, mainly due to one-time charges and weaker results from its phosphate business.
MEG Energy Corp, a Canadian oil sands company, reported a 70% all in quarterly operating profit on lower bitumen prices.
ON BAYSTREET
The TSX Venture Exchange was up 5.54 points to 1,177.86. The Nasdaq Canada index gained 3.87 points to 333.95.
All but two of the 14 Toronto subgroups were positive to begin the day. Energy stocks shot higher 1.6%, while metals and mining and industrials each spiked 1.5%.
The two laggards were in gold, off 0.5%, and materials, down 0.2%.
ON WALLSTREET
U.S. stocks rallied at the open Thursday after European Central Bank President Mario Draghi said the bank would do whatever it takes to preserve the euro.
The Dow Jones industrial average leaped 213.84 points, or 1.7%, to begin the day at 12,889.89
The S&P 500 advanced 21.39 points to 1,359.28. The Nasdaq soared 45.11 points to 2,899.35
Exxon Mobil's profit surged 49% to $15.9 billion U.S. during the second quarter. The massive number -- which would be by far the highest quarterly profit ever for any company -- included a special gain for divestitures. Shares of Exxon edged higher.
The most anticipated numbers of the day, however, won't come until after the close, when Facebook reports its first set of quarterly results as a public company.
Of the 215 S&P 500 companies that have reported so far, about 67% have beat Wall Street's expectations, according to S&P Capital IQ. Analysts are currently expecting overall S&P 500 second-quarter earnings to decline 0.38%, which would mark the end of a 10-quarter winning streak.
Speaking at an investment conference in London, Draghi's comments suggest the ECB may start buying bonds again in an effort to help bring down skyrocketing borrowing costs.
Europe's debt crisis remains a significant headwind for global markets. Investors have been growing increasingly convinced that Spain will need a sovereign bailout. Though Spain's 10-year yield has pulled back near 7%, after touching an all-time high of 7.75% Wednesday, the country's borrowing costs remain unsustainably high.
On the economic front, the number of people filing for initial jobless claims fell 35,000 to 353,000 in the latest week, according to the U.S. Labor Department. Analysts were expecting a reading of 381,000 unemployment claims.
The U.S. Census Bureau reported that durable goods orders rose 1.6% in June, far better than the 0.3% increase economists were expecting.
Pending home sales, on tap for this morning from the National Association of Realtors, are expected to have increased by 0.9% in June.
The price on the benchmark 10-year U.S. Treasury lost a bit ground, raising yields to 1.42% from Wednesday’s 1.41%. Treasury prices and yields move in opposite directions.
Oil for September delivery picked up $1.10 to $90.07 U.S. a barrel.
Gold futures for August delivery gained $7.10 to $1,615.20 U.S. an ounce.
