Canada’s main stock index opened higher on Thursday, aided by gains in energy and health-care stocks, while upbeat U.S. earnings lifted global sentiment.
The TSX Composite Index gained back 53.12 points from Wednesday’s close to open Thursday at 22,051.50.
The Canadian dollar jumped 0.03 cents to 80.11 cents U.S.
Eight Capital raised the target price on Agnico Eagle Mines to $105.00 from $100.00. Agnico shares slumped $1.19, or 1.5%, to $79.91.
CIBC raises target price on Atco to $52.00 from $50.00. Atco shares gave up 13 cents to $45.47.
CIBC initiated coverage on Definity Financial Corp with an outperform rating. Definity picked up 11 cents to $34.93.
ON BAYSTREET
The TSX Venture Exchange re-strengthened 1.99 points to 887.34.
Seven of the 12 TSX subgroups were higher, with health-care picking up 1.5%, information technology ahead 1%, and consumer discretionary stocks up 0.9%.
The five laggards were weighed most by gold, falling 2.4%, materials declining 1.3%, and consumer staples sliding 0.8%.
ON WALLSTREET
Stocks rose sharply Thursday as investors digested more quarterly results, including strong earnings from Tesla, and awaited a policy speech from Federal Reserve Chairman Jerome Powell.
The Dow Jones Industrials picked up from where it left off Wednesday, galloping 287.94 points to begin Thursday at 35,448.73.
The S&P 500 recovered 44.35 points to 4,503.80.
The NASDAQ Composite revived 173.6 points, or 1.3% to 13,626.42.
Tesla rose more than 9% after better-than-expected earnings. Those numbers were propelled in part by strong car deliveries in the quarter. Several analysts lauded Tesla after the release, with one calling it a “core holding.”
United added 8% after the airline forecast a profit in 2022.
More than 17% of S&P 500 companies have reported earnings through Thursday’s open, with nearly 81% of those names beating analyst expectations.
Snap is among the companies set to report earnings after the bell Thursday.
Investors were also looking to a speech from Powell, who will talk at 1 p.m. ET during the International Monetary Fund Debate on the Global Economy.
In economic data, initial jobless claims came in slightly higher than expected at 184,000 for the week ending April 16, showing a decline of 2,000. Dow Jones analysts estimated 182,000 first-time claims.
Treasury prices fell, raising yields to 2.89%, from Wednesday’s 2.84%. Treasury prices and yields move in opposite directions.
Oil prices added $1.75 at $103.94 U.S. a barrel.
Gold prices faltered $10.10 to $1,945.50 U.S. an ounce.