The Toronto stock market advanced for a fourth session Tuesday as traders focused on corporate earnings and data showing Chinese economic growth slid to a five-year low in the latest quarter but was within expectations.
The S&P/TSX composite index jumped 178.24 points, or 1.2%, to greet noon at 14,516.01
The Canadian dollar moved higher 0.55 cents at 89.16 cents U.S.
Canadian Pacific Railway posted quarterly net income of $400 million or $2.31 per share, missing estimates of $2.35 a share. CP also said that revenue came in at $1.67 billion, up 9% but missing estimates of $1.69 billion.
Health-care issues led the charge, with Valeant Pharmaceuticals riding the current controversy up $5.69, or 4%, to $146.43.
Consumer discretionaries were also strong, with Amaya Gaming climbing $2.40, or 8.1%, to $31.90.
ON BAYSTREET
The TSX Venture Exchange spiked 11.12 points to 822.47.
All 14 Toronto subgroups were higher by noon, with health-care healthier by 2.2%, consumer discretionary issues up 2.1%, and metals and mining ahead 2%.
ON WALLSTREET
U.S. stocks rallied on Tuesday as sharp gains in growth-oriented companies propelled the S&P 500 above its 200-day moving average and led the Dow to a triple-digit gain.
The Dow Jones Industrials grew 164.22 points, or 1%, to 16,563.89.
The S&P 500 gained 29.44 points to 1,933.45. The NASDAQ index gained 76.42 points to 4,392.49.
Shares of Apple Inc. rose 2.3%, after the company reported a 13% rise in profit, aided by strong demand for its new, bigger-screen iPhones. Sales of iPhone 6 and the larger-screen iPhone 6 Plus phones helped the tech giant beat Wall Street estimates.
Morgan Stanley lifted its price target on Apple to $115.00 from $110.00 U.S, and analysts at the investment bank said strong iPhone demand and gross margin expansion will help drive upside for shares.
In the one item of economic news, sales of existing homes in the U.S. rose in September, hitting the fastest pace in one year and rebounding from an unexpected drop in August, the National Association of Realtors reported Tuesday. The annual rate of 5.17 million was better than expected.
Harley-Davidson Inc. shares rallied 6.5%, after the motorcycle manufacturer posted profit that was above analyst estimates.
Coca-Cola shares fell 5.8% after the company’s revenue slipped, while it lowered its long-term revenue target and warned it did not expect to meet its earnings view.
Chipotle Mexican Grill Inc. shares fell 6.6% after it warned sales growth may slow, even as it reported stronger-than-expected earnings late Monday.
Yahoo Inc. will report after the close.
Prices for 10-year U.S. Treasuries slid, raising yields to 2.20% from Monday’s 2.17%. Treasury prices and yields move in opposite directions.
Oil prices regained 48 cents to $83.19 U.S. a barrel.
Gold prices gained $7.20 to $1,251.90 U.S. an ounce.
