Canada's main stock index rose on Thursday as technology stocks gained, while optimism around U.S. fiscal stimulus and economic recovery also lifted sentiment.
The S&P/TSX Composite gained 101.08 points soon after Thursday’s opening bell to 18,016.99.
The Canadian dollar lost 0.28 cents to 77.94 cents U.S.
Oil producer EnQuest agreed to buy Suncor's 27% stake in the Golden Eagle fields for $325 million, roughly equivalent to its market capitalization, on the back of a planned debt refinancing and equity raise. Suncor shares lost 66 cents, or 3%, to $21.58.
Canopy Growth launched a new line of cannabis-infused soft chews and drops for dogs, after its partner and lifestyle guru Martha
Stewart's line of pet treats recorded strong sales last week. Canopy Growth dropped $1.25, or 2.2%, to $56.15.
The largest percentage gainer on the TSX was Canada Goose Holdings, which jumped $12.69, or 28.3%, to $57.59, after it beat estimates for quarterly revenue and profit, boosted by a surge in online sales and increased demand for its luxury parkas in China.
The second biggest gainer was MEG Energy rising 15 cents, or 2.9%, to $5.33.
First Majestic Silver fell 90 cents, or 4.3%, the most on the TSX, to $20.03. The second biggest decliner was New Gold, down 18 cents, or 7.5%, to $2.21, after gold and silver prices slipped as the dollar gained.
ON BAYSTREET
The TSX Venture Exchange grew 8.32 points to 987.26.
All but three of the 12 TSX subgroups were positive midday, with consumer discretionary and financial stocks each ahead 1.2%, and information technology up 0.8%.
The three laggards were gold, sinking 2.3%, materials, slumping 1.2%, and energy, off 0.6%.
ON WALLSTREET
U.S. stocks rose on Thursday, building on a three-day winning streak, as investors assessed a new batch of corporate earnings and economic data.
The Dow Jones Industrials popped 268.44 points to pause for lunch hour Thursday at 30,992.04.
The S&P 500 took on 26.97 points to 3,857.14, supported by energy and financials.
The NASDAQ Composite jumped 91.24 points to 13,701.78,
EBay jumped more than 10% after beating on both the top and bottom lines and issuing a rosier-than-expected forecast for the first quarter.
PayPal gained more than 6% after strong quarterly results, while Qualcomm slipped over 7% after reporting revenues below consensus estimates for its fiscal first quarter.
Apple rose 1% after a report it is close to finalizing a deal with Hyundai-Kia to produce driverless cars. News that the two may be close to a deal comes after Hyundai said in January that it was in preliminary talks with the iPhone maker to develop a car.
The moves on Wall Street followed three straight positive sessions for the major averages as the speculative retail trading mania faded. So far this week, the blue-chip Dow has gained more than 3%, while the S&P 500 grabbed 3.6%, and the NASDAQ has risen 4.5%.
A better-than-expected jobless claims report helped boost sentiment. First-time claims for unemployment insurance totaled 779,000 for the week ended Jan. 30, below the 830,000 estimate from economists surveyed by Dow Jones.
On the stimulus front, Democrats are moving forward with President Joe Biden’s $1.9-trillion COVID-19 relief proposal. Republicans have countered with a more modest $618-billion package, which includes new stimulus checks of $1,000 per person.
Prices for 10-Year Treasurys regained lost ground, lowering yields to Wednesday’s 1.14%. Treasury prices and yields move in opposite directions.
Oil prices advanced 23 cents to $55.92 U.S. a barrel.
Gold prices dumped $46.00 to $1,789.10 U.S. an ounce.
