The rally continued approaching noon Thursday for equities in Canada’s largest centre, as oil prices jumped and investors digested the U.S. Federal Reserve's more cautious approach to future rate hikes.
The S&P/TSX Composite was off its highs of the morning, but still positive 90.88 points, to break for lunch at 14,801.70
The Canadian dollar strengthened 0.42 cents at 76.75 cents U.S.
The energy group climbed on the rise in oil prices. Some of the country's biggest energy producers were among the most influential gainers, with Canadian Natural Resources rising 2.9% to $40.45 and Suncor Energy up 1.5% to $34.90.
Oil was headed for its largest weekly gain in a month, after a surprisingly large drop in U.S. crude inventories encouraged investors ahead of next week's meeting between members of the Organization of the Petroleum Exporting Countries and Russia to discuss supply.
The Russian energy minister's comments in support of coordinated action boosted oil further.
Brookfield Asset Management Inc rose 3.6% to $45.78. RBC raised the stock to a "top pick" designation.
Manulife Financial Corp advanced 1.7% to $18.83.
Copper prices advanced 1.6% to $4,838 U.S. a tonne.
On the economic calendar, Statistics Canada reported that employment insurance beneficiaries in Canada totaled 575,200 in July, up 4.4% from the month before.
ON BAYSTREET
The TSX Venture Exchange inched up 0.79 points to 814.08
All but two of the 12 TSX subgroups were higher midday, led by energy, up 1.5%, while financials and consumer discretionaries each improved 0.8%.
The two laggards were gold, down 1%, and materials, sliding 0.2%.
ON WALL STREET
U.S. stocks rolled on Thursday, with real-estate leading, as investors digested several economic data releases while processing the Federal Reserve's latest monetary policy decision.
The Dow Jones Industrials remained higher 113.89 points to 18,407.59, with Cisco leading advancers and Pfizer the only decliner.
The S&P 500 climbed 13.32 points to 2,176.44, with real estate leading all sectors higher.
The NASDAQ Composite jumped another 32.43 points to 5,327.61, above Wednesday’s all-time high close, as Apple rose 1.1%.
Existing home sales for August fell 0.9%, while economists expected an increase of 1.3%. Leading indicators for August, meanwhile, fell 0.2%. Before the bell, the U.S. Labor Department said weekly jobless claims fell to a two-month low.
The Fed kept interest rates unchanged Wednesday, a move that was largely expected, but hinted at a possible rate hike before year's end.
Prices for the 10-year Treasury hiked sharply, lowering yields to 1.61% from Wednesday’s 1.66%. Treasury prices and yields move in opposite directions.
Oil prices strengthened 96 cents to $46.30 U.S. a barrel
Gold prices spiked $13.50 at $1,344.90 U.S. an ounce.
