Gains on the Toronto stock market accelerated into triple digits Thursday afternoon, putting the index on track for its third consecutive positive close.
The S&P/TSX Composite leaped 122.95 points, or 1.1%, to end the day at 11,876.48, as traders' spirits were lifted by positive signs about the state of the U.S. economy amid a slowdown in trading ahead of the holiday season.
The Canadian dollar added 0.49 cents to 97.94 cents U.S.
As trading and the stream of economic news tapers off in the last few days before the Christmas holiday period, traders are looking to be optimistic after a relatively weak year, according to observers.
Among Canadian companies, Miranda Technologies Inc. says it doesn't expect dissident shareholders to have enough support to force a special meeting to replace four of the company's sitting directors. Shares were down a nickel at $9.28.
Workers at Noranda Income Fund's Salaberry-de-Valleyfield zinc processing plant have voted in favour of a new labour agreement. Shares tacked on four cents at $5.54.
Thomson Reuters said it is suspending its search for a buyer for its healthcare data business due to challenging economic conditions. Shares were up 39 cents at $26.77.
In the energy sector, Suncor climbed 79 cents, or 2.8%, to $28.87, while Imperial Oil added 55 cents, or 1.3% to $44.28.
Gold stocks such as Kinross Gold gave up a penny to $12.10, while Barrick Gold surrendered 53 cents to $46.95.
There was also little market impact from news that the Supreme Court of Canada shot down the federal government's attempt to create a national stock market regulator, ruling unanimously that the legislation presented to it "overreaches" into provincial jurisdiction.
While not binding, Thursday's decision likely brings to an end to Finance Minister Jim Flaherty's five-year drive to replace the fragmented regime of 13 provinces and territories that currently regulate securities, to the consternation of most stock market participants who favour the single regulator approach.
On the economic slate, Statistics Canada said average non-farm weekly earnings inched up 1.4% to $885.36 in October from the previous month. On a year-over-year basis, average weekly earnings rose 2.7%.
Also, the Conference Board of Canada said early Thursday that consumer confidence has hit its lowest level in more than two and a half years. The think tank says its Index of Consumer Confidence posted a 6.5-point drop in December, bringing 2011 to a disappointing close.
The TSX Venture Exchange garnered 3.96 to 1,443.71, while the Nasdaq Canada index moved upward 4.29 points to 365.82
In all, 11 of the 14 Toronto subgroups were higher by day’s end. Metals and mining led the winners, up 2.4%, while energy gained 1.8% and financials progressed 1.7%.
The three laggards were gold, off 1.7%, health-care, sliding 0.2%, and materials, listing lower by 0.01%.
ON WALLSTREET
In New York, stocks continued to drift higher Thursday, as a better-than-expected reading on unemployment boosted investor optimism.
The Dow Jones Industrials gained 61.91 points to end Thursday at 12,169.70
The S&P 500 had gained 8.86 points to 1,252.58, while the Nasdaq Composite remained positive 21.48 points to 2,599.45
While the strong report came in the face of a weaker-than-expected reading on economic growth, investors have been grasping on to any positive news they get, according to some experts. But that could all change quickly, depending on developments overseas.
It's been a volatile week for the market, and swings are likely to continue as trading volume remains light going into the holidays.
Bed Bath and Beyond reported earnings after the bell Wednesday that beat expectations, but revenue disappointed. Shares of the retailer tumbled 7% Thursday.
Shares of Yahoo rose more than 1% early Thursday, following reports that the company will consider a proposal to sell its stakes in Yahoo Japan and Alibaba Group. The transaction would be worth approximately $17 billion U.S. Yahoo had climbed as much as 6% after the market closed on Wednesday.
Economically speaking, the U.S. government reported that the number of Americans filing for first-time unemployment benefits dropped to their lowest level since April 2008. There were 364,000 initial jobless claims last week, 4,000 fewer than a week earlier. Economists polled by Briefing.com had expected initial claims to have risen to 380,000.
Elsewhere, a third estimate of gross domestic product showed that the economy grew at a slightly slower clip in the third quarter than many believed. Gross domestic product grew at an annualized pace of just 1.8%, slower than the 2% measured in the previous reading.
The University of Michigan's consumer sentiment index rose to a level of 69.9 for December, up from a preliminary reading of 67.7. Economists polled by Briefing.com were expecting a reading of 68.
The price on the benchmark 10-year U.S. Treasury gained back lost ground, pushing the yield down to 1.95% from 1.97% Wednesday. Treasury prices and yields move in opposite directions.
Oil for January delivery gained 83 cents to $99.50 U.S. a barrel.
Gold futures for February delivery dropped $3 to settle at $1,610.60 U.S. an ounce.
