Stock markets in Toronto enjoyed a higher open on Thursday after recent U.S. economic data eased concerns that the U.S. Federal Reserve will move quickly to withdraw monetary stimulus.
The S&P/TSX Composite Index hiked 60.58 points to begin Thursday at 12,012.48
The Canadian dollar slipped 0.04 cents at 95.42 cents U.S.
Raymond James cut the target price on Bombardier Inc. to $5.50 from $6 to reflect the company's CSeries first flight target date delay and to broadly recognize the derivative risk it likely places on the CSeries entry-into-service timeline. Bombardier shares inched up two cents to $4.59.
Credit Suisse cut the target price on Pan American Silver to $14.50 from $20 due to lower silver price forecasts and the impact of potential impairment charges. Pan American shares gained 22 cents to $11.06.
CIBC cut the target price on Teck Resources to $42 from $46 against the backdrop of a weak steel price dynamic. Teck shares hiked 29 cents to $22.05
Elsewhere in the metals division, Rio Alto Mining jumped five cents, or 2.8%, to $1.82.
Among gold issues – who enjoyed a slight recovery – Barrick Gold surged 31 cents, or 2%, to $15.81.
ON BAYSTREET
The TSX Venture Exchange regained 4.30 points to 865.04
All but one of the 14 Toronto subgroups were positive to start the session, led by metals and mining, ahead 2.2%, gold, gaining 1.9%, and utilities, up 1.6%
The lone naysayer was in telecoms, down 0.4%.
ON WALLSTREET
U.S. stocks extended a two-day rally early Thursday as investors regain their appetite for risk following a volatile few weeks on Wall Street.
The Dow Jones Industrials added 147.28 points, or 1%, to open at 15,057.40
The S&P 500 index gained 12.20 points to 1,615.46. The tech-rich NASDAQ Composite jumped 34.76 points to 3,410.98
In corporate news, ConAgra Foods shares rose after the company said it swung to a profit in is fiscal fourth quarter. Shares of KB Home were also higher after the homebuilder said losses narrowed in the second quarter.
Accenture and Nike will release results after the market close.
The latest data suggest the U.S. economy is on track for modest growth.
The U.S. Labor Department said Initial claims for unemployment benefits fell 9,000 to 346,000 in the week ended June 22.
Separately, Americans' personal income rose 0.5% in May, while spending increased 0.3%, according to the Commerce Department.
Prices for the 10-year U.S. Treasury gained ground, lowering yields to 2.49% from Wednesday’s 2.54%. Treasury prices and yields move in opposite directions.
Oil prices picked up 50 cents to $96 U.S. a barrel.
Gold prices erased 40 cents to $1,229.40 U.S. an ounce.
