Baystreet.ca - Canada's main stock index opened higher on Thursday as mining and financial shares gained, while investors cheered stronger-than-expected U.S. gross domestic product numbers.
The TSX Composite Index regained 146.33 points to open Thursday at 23,273.31.
The Canadian dollar dipped 0.02 cents to 74.18 cents U.S.
After robust results from Canada's top lenders on Wednesday, investors sifted through the Canadian Imperial Bank of Commerce's quarterly earnings report, which showed a rise in third-quarter profit. CIBC (TSX:CM) shares shot higher $3.61, or 4.9%, to $77.11
On the economic slate, Statistics Canada reported the number of employees receiving pay and benefits from their employer—measured as "payroll employment" in the Survey of Employment, Payrolls and Hours—decreased by 47,300 (-0.3%) in June.
ON BAYSTREET
The TSX Venture Exchange inched higher 0.32 points to 566.04.
Eight of the 12 TSX subgroups were positive early on, with gold up 1.9%, information technology vaulting 1.3%, and materials better by 1.2%.
The four laggards were weighed most by communications and utilities, each down 0.4%, while real-estate hesitated 0.3%.
ON WALLSTREET
Stocks rose Thursday, as investors looked to recover from declines seen in the previous session. Wall Street also weighed post earnings moves from Nvidia (NASDAQ:NVDA) and Salesforce.
The Dow Jones Industrials recovered 226.9 points to open Thursday at 41,318.
The S&P 500 regained 26.62 points to 5,618.80.
The tech-heavy NASDAQ gained 106.92 points to 17,662.95.
Nvidia was down 2% after posting its latest earnings Wednesday afternoon. In its fiscal second quarter, the AI chipmaker exceeded expectations on the top and bottom lines, and issued a rosy current-quarter sales outlook.
That decline was offset by a pop in Salesforce. Shares traded nearly 2% higher after the business software giant beat fiscal second-quarter estimates and raised its full-year profit outlook.
Economic data released Thursday lent support to the stock market. Weekly jobless claims fell from the prior week, further easing recession concerns. In addition, second-quarter gross domestic product was revised higher to 3% growth from an initial 2.8% rate.
Prices for the 10-year Treasury inched lower, raising yields to 3.87% from Wednesday’s 3.84%. Treasury prices and yields move in opposite directions.
Oil prices regained $2.15 to $76.67 U.S. a barrel.
Gold prices hiked $15.40 to $2,553.20.