By Ketki Saxena
Investing.com -- At the close in Toronto, the S&P/TSX composite index was at 18,937.71 points, up 1.78% in the day’s trading.
North American equities rebounded today after yesterday’s heavy sell-offs following forward guidance from Apple (NASDAQ:AAPL) that once again brought worries of an economic slowdown to the forefront. However, relatively strong earnings from U.S. companies this earnings season - with over half of companies that have reported top and bottom lines this quarter beating analyst expectations.
Equities are also being supported by silence from the Fed, as the central bank remains in its typical blackout period for commentary ahead of its July 27th meeting.
The commodity-heavy Canadian index was also supported by gains in crude, lifted by a retreating dollar and worries of supply tightness exacerbated by Libya’s struggle to reopen its shuttered oil fields and key ports. At the close of the U.S. session, Crude oil for delivery in September was up 1.25% or 1.24 to hit $100.66 a barrel, while the September Brent oil contract rose 1.02% or 1.08 to trade at $107.35 a barrel.
Gold meanwhile, closed another day in the red, despite bullish signals and plenty of opportunity this week that could have helped bullion climb from its 11-month low last week. Gold Futures for August delivery was down 0.06% or 0.95 to $1,709.25 a troy ounce.
The biggest gainers of the session on the TSX today were West Fraser Timber Co Ltd (TSX:WFG). which rose 14.72% or 15.89 points to trade at 123.83 at the close. Interfor Corp (TSX:IFP) added 9.00% or 2.48 points to end at 30.03 and Bombardier Inc (TSX:BBDb) was up 8.90% or 1.82 points to 22.27 in late trade.
The biggest losers included Franco-Nevada Corporation which lost 2.40% or 3.92 points to trade at 159.73 in late trade. Capstone Mining Corp (TSX:CS) declined 1.92% or 0.05 points to end at 2.55 and Telus (TSX:T) shed 1.47% or 0.52 points to 34.93.
In New York, the Dow Jones Industrial Average gained 2.43% to hit a new 1-month high, while the S&P 500 index added 2.76%, and the NASDAQ Composite index added 3.11%.