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Latest Headlines
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Dec 24, 2009 10:40:00 AM MST
Stocks close higher amid positive U.S. durable goods, employment data (Dollar-Markets)
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TORONTO _ Financials and energy stocks led the way to a solid gain on the Toronto stock market Thursday amid positive U.S. economic data.
Traders sent the S&P/TSX composite index up 95.91 points to 11,754.61 at the end of a shortened session _ a mere 25 points away from its high for the year _ before heading off for a four-day break.
The TSX resumes trading Tuesday, while Wall Street returns to work Monday.
The Toronto market bounded ahead 291 points or 2.54 per cent this week on rising oil and metal prices and hopes the economic rebound is on track.
Those hopes were raised Thursday after a report from the U.S. Commerce Department showed the manufacturing sector is improving even as orders to U.S. factories for big-ticket durable goods increased less than expected in November.
They rose just 0.2 per cent, however excluding volatile transportation orders, durable goods orders rose two per cent compared with October, double the average estimate of economists.
And the U.S. Labour Department said the number of new claims for unemployment benefits fell to 452,000 last week, down 28,000 from the previous week, the latest sign the job market is gradually improving.
It was the best figure since September 2008, before the credit crisis peaked.
"It´s given traders what they wanted going into the end of the year and that is confirmation that the economic recovery is real," said Andrew Pyle, investment adviser with ScotiaMcLeod in Peterborough, Ont.
"And if anything, (the recovery) is building enough momentum that it´s starting to be reflected even in those lagging indicators like employment, which is obviously what the jobless claims figures are. And if the lagging indicators are also turning positive, then that really is confirmation that we have turned a corner."
However, Pyle added that there´s still a lot of uncertainty in 2010 as to what happens when massive stimulus spending by governments is taken off the table.
The Canadian dollar was down 0.13 of a cent at 95.25 cents U.S.
The TSX Venture Exchange was ahead 18.93 points to 1,469.58.
New York markets also advanced, with the Dow Jones industrials average ahead 53.66 points to 10,520.1, while the Nasdaq composite index rose 16.05 points to 2,285.69. The S&P 500 index gained 5.89 points to 1,126.48.
The energy sector in Toronto rose almost one per cent as oil prices rose slightly after running ahead more than US$2 a barrel Wednesday on a report showing lower crude inventories in the United States.
The February crude contract on the New York Mercantile Exchange gained 79 cents to US$77.46 a barrel. EnCana Corp. (TSX:ECA) advanced 64 cents to $34.49.
The financial sector rose about one per cent with Royal Bank (TSX:RY) ahead 58 cents to $56.15.
The February gold contract on the Nymex rose $10.80 to US$1,104.80 an ounce.
The gold sector was ahead 0.54 per cent as Goldcorp Inc. (TSX:G) said it´s raising its offer for Canplats Resources Corp. to match a rival bid from Minera Penmont. Goldcorp shares were ahead 59 cents to $42.73 while Canplats shares were up 11 cents to $4.96, after surging more than 50 per cent on Wednesday.
The base metals sector was up 0.26 per cent as March copper added nine cents to US$3.29 a pound but HudBay Minerals (TSX:HBM) climbed 13 cents to $13.36.
In other corporate news, Priszm Income Fund (TSX:QSR.UN), the fund behind most of Canada´s KFC chicken restaurants, has signed a deal to sell its Toronto plant that supplied its outlets and other customers with salads for $11.5 million. Priszm units rose seven cents to 96 cents.
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