Stock futures pointed to a higher opening for stock markets in Toronto on Thursday, after the Federal Reserve painted an upbeat assessment of the U.S. economy and promised to be patient in raising rates.
The S&P/TSX composite index soared 351.87 points, or 2.5%, to end Wednesday at 14,213.88, with futures Thursday up 1%.
The Canadian dollar climbed 0.21 cents to 86.15 U.S. early Thursday.
Convenience store chain Alimentation Couche-Tard Inc will buy U.S. convenience store chain The Pantry Inc for $1.7 billion, including debt.
RBC cut the rating on Savanna Energy Services to sector perform from outperform. Canada’s biggest bank also cut the rating on Black Diamond Group to sector perform from outperform.
Barclays cut the price target on Enerplus Corp. to $21 from $22
In the economic docket, Statistics Canada reported that those of us drawing regular Employment Insurance benefits in October totaled 491,400, fairly stationary from the previous month.
Compared with October 2013, the number of EI beneficiaries decreased 26,800 or 5.2%.
ON BAYSTREET
The TSX Venture Exchange raced ahead 16.73 points Wednesday to 659.03
ON WALLSTREET
It looks like Wednesday's Fed-inspired stock market rally could continue today.
U.S. stock futures are rising by about 1% and all major European markets are registering significant gains after the Fed indicated it was going to take its sweet time raising interest rates.
Analysts believe the Fed has signaled that it's unlikely to begin raising rates until sometime in the summer of 2015 or later.
Ahead of the opening bell, futures for the Dow Jones Industrials hiked 170 points, or 1%, to 17,462. Futures for the S&P 500 jumped 20.25 points, or 1%, to 2,028.50, and futures for the NASDAQ moved forward 50.75 points, or 1.2%, to 4,210.25
Rite Aid will release quarterly earnings before the opening bell. Nike and Pier 1 Imports will report after the close.
The U.S. Labor Department declared that weekly jobless claims fell to 289,000, down from 295,000 the week before.
In Russia, the ruble was stabilizing and stock markets gained about 5%. The Russian government and central bank unveiled a series of measures Wednesday aimed at containing the country's financial crisis.
In a televised press conference Thursday, President Vladimir Putin blamed the oil slump and Western sanctions for the turmoil, which has seen the ruble plunge by about 45% this year. Economic growth is falling off a cliff, and oil revenues are shrinking.
Oil prices took on $1.17to $57.64 U.S. a barrel
Gold prices acquired $10.20 to $1,204.70 U.S. an ounce.
