Equity markets rose on Thursday, lifted by gains in Valeant Pharmaceuticals International Inc and Canadian Imperial Bank of Commerce after the companies reported quarterly results.
The S&P/TSX composite index was up 29.58 points to greet noon Thursday at 14,218.16
The Canadian dollar shed
TD, the country's second-largest lender, reported a 15% hike in first-quarter profit and boosted its dividend by 9%. The stock climbed 0.5%.
Gold-mining shares showed the biggest gain, as Goldcorp advanced 2% to
In other corporate news, Valeant posted a quarterly profit driven by the acquisition of contact lens maker
Catamaran Corp tumbled 10.3%, to
Eight of the 14 Toronto subgroups headed upward, led by gold, gaining 1.6%, materials, ahead 1.2%, and global base metals, advancing 0.8%
The half-dozen laggards were weighed mostly by health-care, 3.7% less hale, while utilities and energy stocks faded 0.4% each.
Stocks got some traction by midday Thursday, as investors listened to testimony from U.S. Federal Reserve Chair
The Dow Jones Industrial Average climbed out of the dungeon and regained 27.08 points to 16,225.49
The S&P 500 index nicked higher 3.06 points to 1,848.72. The NASDAQ added 12.04 points to 4,304.10
Shares of J.C. Penney soared more than 21% after the retailer reported a narrower-than-expected quarterly loss and said it expects same-store sales to rise by 3% to 5% during the current quarter.
After a rough few years, investors may be getting hopeful that the company can finally deliver on its much-hyped turnaround strategy.
Best Buy shares also jumped after the electronics retailer reported quarterly earnings that had returned to profit from earlier losses. The company has experienced its fair share of problems in recent years as consumers have turned to online shopping.
Tesla shares initially got a boost Thursday after the automaker announced it was raising
Shares of Chinese search engine Baidu popped after the company posted solid earnings and sales.
Yellen testified before the
Investors were also keeping a close eye on the tension in
Prices for 10-year U.S. Treasuries were higher, lowering yields to 2.65% from Wednesday's 2.67%. Treasury prices and yields move in opposite directions.
Oil prices moved lower
Gold prices regained
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