Toronto's main stock index spiked Friday, with markets hopeful that a new government in Italy will put in place tough austerity measures crucial to keep the euro-zone from collapsing.
The S&P/TSX composite index screamed higher 147.36 points, or 1.2%, to open at 12,256.23
The Canadian dollar gained 0.09 cents to 98.39 cents U.S.
Stocks to watch include mutual fund company IGM Financial, whose quarterly earnings rose sharply along with revenue and investment income.
Aircraft giant Bombardier Inc. is sticking with a late-2013 launch date for its all-new C-Series jetliner, which will compete with Boeing and Airbus planes
Construction concern Stella Jones reported a higher quarterly profit on strong demand for its core railway tie and utility pole businesses.
Canaccord Financial posted a second-quarter loss as a pullback in world markets and contraction of investment banking activity hurt the Canadian financial services company.
Casino operator Great Canadian Gaming Corp. posted a higher quarterly profit, helped mainly by a rise in gaming volumes at its River Rock casino in B.C.
Western Forest Products enjoyed a rise in its third-quarter profit on improved demand for the Canadian company's lumber and log products.
IntelGenx Technologies Corp. said the U.S. health regulator approved its antidepressant CPI-300.
ON BAYSTREET
The TSX Venture Exchange advanced 12.31 points to 1,636.87, while the Nasdaq Canada index gained back 7.10 points to 406.94
All 14 Toronto subgroups were higher in the first hour of trading, led by metals and mining, up 2.3%, while gold and materials hiked 1.7% each.
ON WALLSTREET
In New York, stocks opened higher Friday, advancing for a second straight session, as leaders in Italy and Greece took measures to curb the region's ongoing debt crisis.
The Dow Jones Industrials spiked 190.64 points, or 1.6%, to 12,084.40
The S&P 500 gained 17.39 points to 1,257.08, while the Nasdaq Composite Index picked up 27.43 points to 2,652.58
Greece swore in a new prime minister, Lucas Papademos, early Friday morning. Papademos, a former banker and European Central Bank vice president, was appointed Thursday and plans to form a new national unity government.
Meanwhile, Italy's senate passed a series of austerity measures demanded by Europe, as it seeks to ward off fears of a debt-driven crisis.
U.S. stocks snapped back Thursday from a steep sell-off earlier this week, as Italian bond yields eased slightly and positive corporate and economic news lifted the mood on Wall Street.
But trading will likely remain choppy until more decisive steps are taken toward solving the European debt crisis.
Shares of Nvidia climbed after the chipmaker posted a third-quarter profit late Thursday that more than doubled from a year earlier.
E*Trade shares slumped after the company said Thursday that it is not for sale -- ending ongoing speculation that the online brokerage would be acquired.
Disney reported record-setting earnings after the closing bell Thursday, posting a 21% gain in net income for the 2011 fiscal year. Shares of the media giant jumped Friday.
Shares of Nordstrom slipped after the department store chain reported an increase in quarterly earnings after the close Thursday but lowered its full-year outlook.
Economically speaking, the University of Michigan will release the latest installment of its monthly consumer sentiment index on Friday. Analysts surveyed by Briefing.com expect the index to hit 61.3, up from 60.9 last month.
Bond markets were closed for Veterans Day
Oil for October delivery advanced 44 cents to $98.22 U.S. a barrel
Gold futures for December delivery rose $10.20 to $1,769.80 an ounce
