Equity markets rose on Thursday, lifted by gains in Valeant Pharmaceuticals International Inc and Canadian Imperial Bank of Commerce after the companies reported quarterly results.
The S&P/TSX composite index was up 29.58 points to greet noon Thursday at 14,218.16
The Canadian dollar shed 0.09 cents to 89.75 cents U.S.
CIBC shares advanced 1.8% after the lender's first-quarter profit jumped by 50%, driven by stronger domestic lending profits and a gain on the sale of half of its Aeroplan credit card portfolio to Toronto-Dominion Bank.
TD, the country's second-largest lender, reported a 15% hike in first-quarter profit and boosted its dividend by 9%. The stock climbed 0.5%.
Gold-mining shares showed the biggest gain, as Goldcorp advanced 2% to $30.75, and Barrick Gold Corp rose 0.7% to $23.29.
In other corporate news, Valeant posted a quarterly profit driven by the acquisition of contact lens maker Bausch & Lomb Holdings Inc. The stock was up 1.8% at $165.26.
Catamaran Corp tumbled 10.3%, to $51.70, after the pharmacy benefits manager reported quarterly results and gave its outlook for the year.
ON BAYSTREET
The TSX Venture Exchange gained 5.52 points to 1,013.68.
Eight of the 14 Toronto subgroups headed upward, led by gold, gaining 1.6%, materials, ahead 1.2%, and global base metals, advancing 0.8%
The half-dozen laggards were weighed mostly by health-care, 3.7% less hale, while utilities and energy stocks faded 0.4% each.
ON WALLSTREET
Stocks got some traction by midday Thursday, as investors listened to testimony from U.S. Federal Reserve Chair Janet Yellen and digested the earnings of some troubled retailers.
The Dow Jones Industrial Average climbed out of the dungeon and regained 27.08 points to 16,225.49
The S&P 500 index nicked higher 3.06 points to 1,848.72. The NASDAQ added 12.04 points to 4,304.10
Shares of J.C. Penney soared more than 21% after the retailer reported a narrower-than-expected quarterly loss and said it expects same-store sales to rise by 3% to 5% during the current quarter.
After a rough few years, investors may be getting hopeful that the company can finally deliver on its much-hyped turnaround strategy.
Best Buy shares also jumped after the electronics retailer reported quarterly earnings that had returned to profit from earlier losses. The company has experienced its fair share of problems in recent years as consumers have turned to online shopping.
Tesla shares initially got a boost Thursday after the automaker announced it was raising $1.6 billion U.S. to fund its expansion plans. But shares pulled back were lower in mid-morning trading. Still, the electric car company's stock has soared almost 50% in the past month and hit a high of $265 U.S. per share Wednesday.
Shares of Chinese search engine Baidu popped after the company posted solid earnings and sales.
Yellen testified before the Senate Banking Committee this morning. The Fed began dialing back its unprecedented stimulus in December, and is currently purchasing $65 billion U.S. in bonds per month, down from a monthly $85 billion U.S. last year.
Investors were also keeping a close eye on the tension in Ukraine. European markets were under pressure in afternoon trading as traders fretted about the formation of a new Ukrainian government and its increasingly dire economic situation.
Prices for 10-year U.S. Treasuries were higher, lowering yields to 2.65% from Wednesday’s 2.67%. Treasury prices and yields move in opposite directions.
Oil prices moved lower 48 cents to $102.11 U.S. a barrel.
Gold prices regained $5.40 to $1,333.40 U.S. an ounce.
