Toronto stocks were higher on Thursday with investors still cautious about the outcome of the U.S. government's debt ceiling talks.
The S&P/TSX composite index jumped 46.41 points to open Thursday at 12,883.12
The Canadian dollar inched up cents to 97.01 cents U.S.
Shares of BlackBerry were in focus after falling on Wednesday on doubts about a $4.7-billion bid to take the smartphone maker private.
BlackBerry shares gained five cents to open Thursday at $8.31.
Bear Creek Mining Corp. has secured environmental approvals for its Corani mine in Peru, but development of the large silver project will likely remain on hold for now, the head of the miner said on Wednesday. Shares in Bear Creek fell nine cents to $2.15
National Bank Financial raised the rating on AGF Management Ltd. to outperform from sector perform, expecting a re-rating for the company's shares as it trades at a discount to its historical average and to peers, which reflects heavy net redemptions in recent years.
AGF shares tacked on 26 cents to $12.79.
BMO raised the price target on CN Railway Co. to $119 from $115, expecting the company's revenue growth rate to accelerate to over 8% in 2014 and earnings per share growth to be in the mid-to-high teens including the contribution from share repurchase programs.
CN shares progressed 83 cents to $103.60.
ON BAYSTREET
The TSX Venture Exchange hiked 8.04 points to 955.74
All but two of the 14 Toronto subgroups were higher, with global base metals and their cousins among metals and mining, each up 1.1%, while energy stocks are better by 0.6%.
The two laggards were gold, down 0.1%, and health-care, off 0.04%.
ON WALLSTREET
After five straight days of losses, stocks started Thursday with gains.
The Dow Jones Industrials shot higher 110.46 points to 15,383.70.
The S&P 500 index improved 8.21 points to 1,700.98. The NASDAQ bolted 34.19 points to 3,795.29
Though Washington is in the spotlight, investors will also soon turn their attention to third-quarter earnings.
Analysts expect earnings growth of 3.6% for the S&P 500 companies, according to S&P Capital IQ estimates. That would be the smallest increase in a year. But revenue is forecast to grow by 4.8%, the best pace in over a year.
Nike, one of the newest members of the Dow, will release its latest quarterly results after the closing bell.
J.C. Penney dropped further Thursday after plummeting 15% on Wednesday, following reports that the retailer might seek $1 billion U.S. through a stock sale.
Though investors are assuming the worst, J.C. Penney said it is "pleased thus far in the company's turnaround efforts," and said it expects to book positive same-store sales during the third and fourth quarters.
Shares of Bed Bath & Beyond climbed after the retailer posted quarterly earnings Wednesday that beat expectations.
JPMorgan Chase and Morgan Stanley shares advanced more than 1% following reports that the banks will help lead Twitter's initial public offering. Goldman Sachs is expected to be the lead underwriter, according to previous reports.
On the economic front, gross domestic product in the U.S. grew at an annual rate of 2.5% during the third quarter according to the government's final GDP reading. Jobless claims fell slightly to 305,000 last week, which was below expectations.
Stocks hit record highs earlier last week, but market sentiment has taken a hit in the past few days as investors worry about a possible government shutdown and the upcoming debt limit.
Congress has less than a week to agree on a short-term funding bill to prevent a shutdown on Oct. 1, and despite all the squabbling, investors largely assume that lawmakers will reach a last-minute deal.
Prices for the 10-year U.S. Treasury sagged, raising yields to 2.65% from Wednesday’s 2.61%. Treasury prices and yields move in opposite directions.
Oil prices gained 42 cents to $103.08 U.S. a barrel.
Gold prices dipped $5.60 at $1,330.60 U.S. an ounce.
