Stocks on Bay Street thundered higher in the final hour of trading Tuesday -- following Monday's huge loss -- as oil prices jumped, investors took in a mixed bag of earnings reports and overseas markets rallied following big declines.
The S&P/TSX composite index ended up 614.29 points to 8,151.63.
In Q3 earnings reports -- Rogers Communications Inc. booked an 84 percent increase in third-quarter net income to $495 million as operating revenue grew 14 percent from a year ago to $2.98 billion.
Canadian Pacific Railway Ltd. shares were up after third-quarter net income dropped 21 percent to $172.7 million on accounting items but management reported steady operating results and maintained its full-year profit forecast.
Pipeline and power utility operator TransCanada Corp. said its third-quarter earnings bulked up 20 per cent to $390 million.
Inmet Mining said on Tuesday its profit fell 35 percent in the third quarter. Inmet earned $75.1 million, or $1.55 a share, in the quarter ended September 30. That was down from $114.8 million, or $2.38 a share, in the year-before period. The results missed analysts estimates of a profit of $1.96 a share. Revenue slid 9 percent to $247.5 million.
On the data front -- U.S. consumer confidence plunged in October, reaching an all-time low, the Conference Board reported Tuesday. The October consumer confidence index fell to 38 from an upwardly revised September reading of 61.4. Economists surveyed had expected an October reading of 52.
The Canadian dollar, meanwhile, was trading up 1.23 of a cent to 78.28 cents US.
BAYSTREET
All of the TSX sub-groups traded higher tdoay -- gold issues rose 13.40 percent followed by a 8.36 percent gain in mining issues and a 8.16 percent rise in industrial stocks.
COMEX gold for December delivery fell $2.70 to $740.20 US an ounce.
Meanwhile, the TSX Venture Exchange moved up 7.95 points to 816.94 while NASDAQ Canada stocks were off 34.78 points at 460.65.
ON WALLSTREET
U.S. stocks blasted higher Tuesday afternoon, wiping away a week's worth of steep losses, as the Dow Jones Industrial Average jumped nearly 900 points - its second biggest daily point gain ever - as bargain hunters flooded the market.
The Dow Jones Industrial Average soared 889.35 points, or 10.9 percent, to 9065.12, and the S&P 500 gained 91.57 points, or 10.8 percent, to 940.49. The Nasdaq jumped 143.57 points, or 9.5 percent, to 1649.47.
All of the blue-chip index's 30 components advanced, two-thirds tallying double-digit gains, with Alcoa Inc. gaining the most, up 19.3 percent.
Also supporting the blue-chip index, shares of Boeing Corp. gained 15.5 percent after the company reached a tentative pact with machinists.
Aircraft maker Boeing came to a tentative agreement with the International Association of Machinists and Aerospace Workers union. The union had been on strike since Sept. 6.
General Motors Corp. gained 14.7 percent after The Wall Street Journal reported that the Energy Department is working to arrange $5 billion in loans to the automaker, which would help GM merge with Chrysler.
As for earnings -- BP, Europe's second-largest oil company, reported third-quarter earnings that increased 83% on high oil and natural gas prices. Occidental Petroleum, another oil-patch denizen, also reported a rise in earnings.
German software firm SAP said its third-quarter profit slipped 5 percent and said it would not issue a revenue forecast for the remainder of this year.
U.S. Steel also announced an encouraging third quarter, saying profit more than tripled. However, the company offered softer guidance for the fourth quarter.
Whirlpool reported a 7 percent decline in third-quarter earnings and said it plans to slash 5,000 jobs.
Retail titan Wal-Mart provided a forecast for its capital expenditure at its annual investor meeting, predicting capital expenditures of $13 billion through the end of its current fiscal year, down from $14.9 billion a year ago. The company said it will open fewer stores this year than last year in the U.S. and focus on additional expansion into emerging markets.
Treasury prices slumped, raising the yield on the 10-year note to 3.77 percent from 3.68 percent late Monday. Treasury prices and yields move in opposite directions.
U.S. light crude oil for December delivery fell 60 cents to $62.62 US a barrel after ending the previous session at a 17-month low.
