Stocks gathered steam on Thursday for the sixth straight session, with energy stocks, underpinned by a rebound in crude prices, leading the charge.
The S&P/TSX composite index leaped 120.01 points to greet noon at 15,333.61
The Canadian dollar faded 0.23 cents to 79.47 cents U.S.
The most influential movers on the index were Suncor Energy, which rose 2.4% to $39.72, and Canadian Natural Resources, which advanced 1.8% to $40.71.
Financial stocks, rose as Toronto Dominion Bank shares rose 1.2% to $55.28, while Royal Bank of Canada rose nearly 1% to $79.15.
On the economic front, Statistics Canada reported that municipalities issued building permits worth $6.1 billion in February, edging down 0.9% from the previous month. This was the second consecutive monthly decline.
Lower construction intentions in Quebec, Ontario and Alberta were responsible for the decrease at the national level.
StatsCan’s new housing price index crept up 0.2% in February, after a 0.1% drop in January.
ON BAYSTREET
The TSX Venture Exchange had grown 3.46 points to 692.34
All but three of the 14 Toronto subgroups were higher by noon, led by energy issues, up 1.6%, health-care 1.5% haler, and telecoms, better by 0.8%.
The three laggards were global base metals, down 0.8%, while metals and mining and gold each gave back 0.2%.
ON WALLSTREET
U.S. stocks traded lower on Thursday as investors digested earnings reports and looked for more signals on the timing of an interest rate hike.
The Dow Jones Industrials dipped south of breakeven 18.99 points to 17,883.52, with Johnson and Johnson leading advancers and Home Depot and Boeing the greatest laggards.
The S&P 500 index slid 1.12 points to 2,080.78, with energy the greatest of three advancing sectors and utilities the greatest decliner.
The NASDAQ index fell 6.99 points to 4,943.83
Costco reported a 2% drop in March comparable store sales, a slightly larger decrease than the consensus forecast of a 1.2% decline.
On the earnings front, Alcoa, the former Dow component, reported adjusted quarterly profit of 28 cents U.S. per share, two cents above estimates, though revenue was below analyst forecasts. CEO Klaus Kleinfeld said Alcoa's growth compared to a year earlier was due entirely from new businesses.
JPMorgan Chase and Intel post earnings next Tuesday as quarterly reports get underway.
Before Thursday's open, Walgreens Boots Alliance reported adjusted quarterly profit of $1.18 U.S. per share, beating estimates of 95 cents U.S. Revenue, however, was below Street forecasts.
The company revealed plans to close about 200 U.S. stores, and put other streamlining measures into place that will save $1.5 billion U.S. annually by the end of 2017.
Constellation Brands reported adjusted quarterly profit of $1.03 U.S. per share, nine cents above estimates, with revenue essentially in line. The company also initiated a quarterly dividend of 31 cents U.S. per share.
PriceSmart and Ruby Tuesday are due to report after the bell.
Jobless claims came in at 281,000, slightly above lowered expectations, but an increase from last week.
Wholesale trade data came in slightly higher than expected, up 0.3%. However, weak sales provide less incentive for wholesalers to build their inventories.
Prices for 10-year U.S. Treasuries hesitated, raising yields to 1.93% from Wednesday’s 1.91%. Treasury prices and yields move in opposite directions.
Oil prices remained positive 68 cents to $51.10 U.S.
Gold prices dipped $8.60 to $1,194.50 U.S.
