Toronto's main stock exchange held on to the gains all day and closed near the high of the session as commodities rallied and financial plays were strong in a solid rebound to yesterday's losses.
The S&P/TSX Composite is trading up by 79.37 points, or .63%, to 12,649.92.
The price of oil for November delivery is up; gaining 2.87% to $81.77.
Gold for December delivery is green at the moment; up $8.20 to $1,343.30.
The Canadian Dollar is up against the US Dollar at the moment; up by .007585 of a cent to .97725 U.S. cents.
ON THE DATA FRONT --
Canadian wholesale trade jumped a stronger-than-expected 1.2% in August from July, helped by solid sales of machinery, equipment and supplies, beating estimates of a .5% increase. The August figure was the biggest month-over-month gain since January. In terms of volume, wholesale trade rose 0.9%.
For the first time in five months, wholesale inventories declined by 0.3% in August. The inventory-to-sales ratio dropped to 1.19% in August from 1.21% in July.
The monetary report issued by the Bank of Canada said the said that global recovery from the worst financial crisis since the great depression has entered a new phase or stage where it has established basis expansion and now it needs domestic demand and investment in order to sustain the recovery.
CLOSING UPDATE --
Loving gold again -- Shares of major gold producer, Kinross Gold rebounded 1.7% to $18.59 and shares of Barrick Gold pared early losses to recover and close up .19% to $47.00
Teck Resources gained 3.24% to $45.31.
MacDonald Dettwiler and Associates Ltd. rose 3.90% following a rumor that the company has been considering a possible sale. MDA issued a report in the afternoon saying that it had nothing to disclose. Shares of MDA closed up $1.80 to $47.91.
Financial winner -- Toronto-Dominion Bank jumped 1.12% to $76.00.
On the flip side -- Suncor Energy Inc. dropped 0.2% and Canadian Natural Resources Ltd. fell 1.2%.
AFTERNOON UPDATE --
Oil and gas exploration company, Angle Energy Inc. reported that third quarter average production increased 37%, but also raised its 2010 spending forecast. Shares of NGL are trading up .37% to $8.21.
First Quantum Minerals recorded an 18% drop in third-quarter copper production, hampered by suspension of operations at its Frontier mine in Congo after losing mining licenses there. Shares of FM are trading up 2.72% to $81.81.
Telecom giant, DragonWave Inc., announced a joint venture with India's Himachal Futuristic Communications Ltd. to expand into the Indian market. Shares of DWI are trading up 2.28% to $8.51.
MORNING NEWS --
Potash -- The Saskatchewan government is likely to object to the BHP takeover deal and has offered to contribute $370 million to help offset the shortfall. Also, A unit of China's Sinochem Group said Wednesday that it signed a deal ensuring supply of Canadian potash for the three years ending 2013. Shares of POT are down 1.48% to $146.21.
Encana Corp., Canada's largest natural-gas producer, reported third-quarter profit below market expectations, cut its 2010 production outlook and lowered its forecast for cash flow per share. Shares of ECA are trading down 1.23% to $29.79.
Shares of Canada's second-biggest airline, WestJet Airlines are up this morning on news that WestJet and American Airlines formed an alliance on Tuesday to more seamlessly carry passengers on each others' networks. Shares of WJA are trading up 3.29% to $12.25.
ON BAYSTREET
Thirteen of the TSX Subgroups are in the green today. Metals and mining closed up by 2.79% followed by base metals; up 2.58% and then health care; up 2.12%.
On the downside -- Telecom finished down .48%.
The TSX Venture Exchange closed up by 56.39 points to 1871.30, while the Nasdaq Canada index also closed in the green; up by 18.85 points to 671.30.
ON WALLSTREET
U.S. stocks rallied today to erase nearly all the previous day's stunning losses on a positive outlook from the financial sector and a surge of strong earnings from airlines gave investors reasons for optimism.
The Dow Jones Industrial Average closed up by 129.35 points, or 1.18% to 11,107.97. The S&P 500 finished up by 12.27 points, or 1.05%, to 1,178.17. The NASDAQ also closed green; up 20.44 points, or .84%, to 2,457.39.
The US Dollar is down against the euro by .0224 and losing ground against the yen; down .5200.
Oil futures for November delivery are up $2.28 to $81.77.
The 10-year bond yield is down .0050 to 2.4700%.
DATA NEWS --
The Mortgage Bankers Association reported that mortgage applications dropped last week as interest rates on 15 and 30 year fixed rate mortgages rose for the first time in six weeks. Demand for home refinancing loans fell for the sixth time in seven weeks. The MBA's seasonally adjusted index of refinancing applications decreased 11.2%.
The Energy Department reported that supplies of crude oil increased 667,000 barrels to 361.2 million in the week ended Oct. 15. Inventories were forecast to increase by 1.5 million barrels, according to the median of 15 analyst estimates in a Bloomberg News survey.
CLOSING UPDATE --
EBay Inc. announced that third-quarter profit climbed 22% aided in part by cost-cutting and its growing PayPal business. Shares of EBAY closed up .51% at $25.66.
Shares of Delta stayed strong all day, closing up 10.85% and paving the way for other strong airline movers including parent company AMR Corp. who turned a profit for the first time in two years and closed up today 12.58%. Also joining in on strong earnings was US Airways which watched its shares of LCC climb 7.43% to $10.84 today.
Shares of Netflix shares closed up $153.15, or up 2.56% today 6.6% to $162.63 and continue to rise after hours upon solid earnings.
AFTERNOON UPDATE
Resources Rally -- Cliffs Natural Resources is rebounding from yesterday's Chinese scare as shares are up 4.08% to $65.26. Following along this same path, shares of Massey Energy are cruising; up 6.56% to $39.78 on news of exploring a sale of the company. Also in the mix is Freeport-McMoran Copper & Gold as shares of FCX have gaines 3.53% to $95.99.
Gainers --
Shares of Boston Scientific are rising today; up 9.80% to $6.56 after beating profit estimates.
Verenium Corp. shares have launched after receiving Chinese regulatory clearance for their enzyme used in edible-oil processing, Purifine. Shares of VRNM are up 24% to $4.03.
WSI Industries Inc. has seen its shares nearly double today after reporting fourth-quarter net income of $.12 per share, which is up dramatically the $.01 per share earned in the same period in 2009. Shares of WSCI have soared up 44.19% to $6.20.
Decliners --
Ouch -- Upon announcing the FDA want to see heart rate testing for Bydureon, their drug for diabetes, shares of Amylin Pharmaceuticals Inc. have falled 45.44% to $11.18 and shares of Eli Lilly have tumbled 4.18% to $35.88.
AT THE OPEN --
In the air today -- Shares of Delta Airlines shot up 6.5% this morning after announcing a profit driven by a 19% jump in passenger revenue. Shares of DAL are up to $12.45 each.
Jet Blue and Southwest Airlines got a burst from the airline's solid report. Shares of JBLU are up 1.84% and shares of LUV are up 1.65%.
Leading the top performers of the Dow, Boeing Co. saw its shares climb 2.2% this morning after the raising its profit forecast for the year and said that it expects to sell more commercial airplanes. Shares of BA are trading up to $70.41.
Wells Fargo & Co. reported that its third-quarter profit increased 19% and beat forecast as losses from failed loans decreased for the third straight quarter. Shares of WFC are up 1.52% to $24.92.
Morgan Stanley's beat analyst estimates of $6.4 billion when it reported that revenue fell 20%, but still generated $6.8 billion.
