Markets in Toronto rose on Thursday to its highest in nearly three years as positive U.S. economic data boosted sentiment and Facebook planned acquisition of mobile-messaging service WhatsApp lifted BlackBerry.
The S&P/TSX composite index shot higher by 66.37 points to pause for lunch at 14,186.10.
The Canadian dollar dropped 0.22 cents to 90.05 cents U.S.
The Toronto market, which is benefiting from increased optimism for equities, climbed for a 12th straight session and has gained about 4% this year.
Financials added strength Royal Bank of Canada rose 0.7% to $72.86, and Toronto Dominion Bank gained 0.6% to $49.79.
The materials sector, which includes mining stocks, jumped, as Barrick Gold Corp shot up 3.6% to $22.70, and Goldcorp gained 1.9% to $30.06.
In other corporate news, TransCanada Corp said it is considering how to proceed with its Keystone XL pipeline, a day after a court voided the Nebraska governor's decision to allow the controversial line to pass through the Midwestern state. The stock gave back 1.8%, to $48.98.
On the economic front, Statistics Canada reported that in December, 514,200 people received regular Employment Insurance benefits -- little changed from November. The number of beneficiaries has been relatively stable since May 2013, following a long-term downward trend that began in the summer of 2009.
ON BAYSTREET
The TSX Venture Exchange was positive 3.58 points to 1,009.46.
All but one of the 14 Toronto subgroups were higher by midday, as gold shone 3% brighter, materials took on 2%, and information technology clicked higher by 1.9%.
The lone loser was utilities, down 1.1%.
ON WALLSTREET
Stocks gained some ground Thursday despite lackluster reports on the global economy.
The Dow Jones Industrial Average recovered 67.97 points to greet noon at 16,108.53
The S&P 500 index took on 6.72 points to 1,835.47. The NASDAQ gained 11.10 points to 4,249.05
The market was buzzing with chatter about Facebook, which announced plans Wednesday to buy messaging platform WhatsApp for $19 billion in cash and stock.
Despite the eye-popping price tag, analysts say the deal makes sense.
WhatsApp gives Facebook access to the global text-messaging market, which should help the social network retain its younger users. Goldman Sachs said they believed the acquisition "will help drive increased engagement."
The deal also means Facebook doesn't have to worry about a rival social media company scooping up WhatsApp and its millions of dedicated users, according to some experts.
Google reportedly offered to buy WhatsApp for $10 billion U.S., but was rebuffed.
The deal raised speculation that other companies with text-messaging services might be able to cash in as well. Shares of the troubled smartphone maker BlackBerry, which operates the BBM messaging service, were up more than 5%.
Tesla shares soared to a new all-time high after the company reported much stronger-than-expected profits and said it will sell 55% more vehicles this year than in 2013.
Shares in BAE Systems were down after the defense contractor warned that U.S. budget cuts would hurt earnings in 2014.
Safeway shares gained after the supermarket chain's management announced they are in talks to sell the company.
Wal-Mart reported quarterly results that topped expectations, but shares of the retail chain fell after it warned that "economic factors" would weigh on sales this year.
Shares of DirectTV were up after the company announced plans to repurchase $3.5 billion U.S. of its own stock.
Actavis shares were up after it said earnings doubled in the fourth quarter. The company announced plans earlier this week to buy Forest Laboratories for $25 billion U.S. Forest shares were also higher.
Hewlett-Packard, Groupon and Priceline.com are among the companies reporting earnings after the bell.
On the economic front, the U.S. government said the consumer price index, the benchmark for inflation, rose 0.1% in January, which was slightly below what economists had predicted. Meanwhile, initial claims for unemployment benefits fell last week.
Prices for 10-year U.S. Treasuries, lost a little ground, lifting yields to 2.76% from Wednesday’s 2.73%. Treasury prices and yields move in opposite directions
Oil prices were unchanged from Wednesday at $103.31 U.S. a barrel.
Gold prices dipped $5.10 to $1,315.30 U.S. an ounce.
