TORONTO - Toronto's main index led the North American markets with a triple-digit gain on Thursday, as financial and metals stocks moved higher.
The S&P/TSX composite index rose 139.69 points to 9,849.20, regaining more than one-third of the 370-point loss posted a day earlier.
The Canadian dollar moved up 0.36 of a cent to 85.40 cents US while the TSX Venture Exchange rose 6.99 to 1,060.52.
TSX metals stocks led gains, up 3.5 per cent, with Teck Resources (TSX:TCK.B) rising eight per cent to $14.54.
Financial stocks also regained some of their footing, with the group moving ahead 1.7 per cent. Royal Bank (TSX:RY) jumped three per cent, or $1.09, to $42.35.
On Wall Street, the Dow Jones industrial average rose 46.43 points to 8,331.32.
The Nasdaq composite index was up 25.02 points to 1,689.21 while the S&P 500 index was ahead 9.15 points to 893.07.
Markets are hunting for direction, though they're still sharply lower this week -- especially in the United States.
Despite the new report from the U.S. Labour Department showing initial unemployment claims rising last week, investors waded back into the market.
The Labour Department says new claims for unemployment benefits jumped to 637,000 last week, more than the 610,000 economists had estimated. Continuing claims also rose, hitting a 15th consecutive record.
On the TSX, the energy sector was ahead 1.5 per cent as the light sweet crude for June delivery moved ahead 60 cents to US$58.62 a barrel on the New York Mercantile Exchange.
Gold stocks pulled ahead 1.2 per cent as the June bullion contract rose $2.50 to close at$928.40. Iamgold Corp. (TSX:IMG) reported that first-quarter profits rose 53 per cent to US$52.5 million due to a big gain on the sale of gold bullion, sending its shares down 18 cents to $11.38.
In earnings, Canadian Tire Corp. (TSX:CTC.A) said first-quarter profits fell 26 per cent to $49.7 million as lower gasoline prices eroded earnings from its fuel stations. However, the automotive, hardware and sporting goods retailer said sales at its stores rose four per cent. Its shares got a six per cent boost at $48.20.
Gildan Activewear Inc. (TSX:GIL) shares rose 24 per cent to $15.65 after the company said weak sales pulled net earnings down to US$7.1 million versus $42.1 million a year earlier.
Cascades Inc. (TSX:CAS) shares surged 25 per cent after the packaging and tissue producer surprised investors by posting a $37-million profit for the first quarter, snapping a string of quarterly losses. The stock gained 94 cents or 25.3 per cent to close at $4.65.
CVTech Group Inc. (TSX:CVT) net income fell to $300,000 in the first quarter as revenues plunged nearly 28 per cent from a year ago, due to the impact of a slow economy on both of its business segments. Shares were up three cents to $1.29.
Flight training firm CAE Inc. (TSX:CAE) is slashing 700 jobs as it anticipates a dropoff in orders from the civil aviation sector. The cuts will trim about 10 per cent of its workforce, or 700 jobs, 600 of which will fall at its Montreal operations. Shares lost 17 cents to $7.08.
Galleon Energy Inc. (TSX:GO) slipped four per cent to $5, after reporting a first quarter net loss of $5.1 million or seven cents a share, compared with a profit of $10.4 million or 16 cents a share a year earlier.
Menu Foods Income Fund (TSX:MEW.UN) posted a $54,000 profit in the first quarter, up from a year-earlier loss of $2.2 million, as sales continued to recover from its tainted-pet-food scandal in 2007. Units rose 11 cents to $1.45.
In the U.S., Wal-Mart Stores Inc. shed some more light on consumer sentiment, posting first-quarter results that met analysts' expectations. Wal-Mart earned $3.02 billion, or 77 cents per share.
