Bay Street stocks have followed U.S. and European markets higher following encouraging earnings news from Ford Motor Co. (F). The market topped the 9,500 mark for the first time since early January.

The S&P/TSX Composite Index has jumped 117.55 points or 1.21% to 9,524.01. Bay Street's main index is on target to close at its best level since Nov. 10.

Ford reported a net loss was sharply narrower than expected in the first quarter. The company reported a first-quarter net loss of $1.4 billion or $0.60 per share, compared to a loss of $1.23 per share expected by analysts.

In Canada, mining stocks are indicating a 4.5% gain. First Quantum (FM.TO) has surged 10%, FNX Mining (FNX.TO) has gained 2.7% and Teck Cominco (TCK.B.TO) is up 2.4%.

HudBay (HBM.TO) has jumped 6.5% amid reports in the Globe and Mail the company has hired outside advisers to consider the company's options, including the possible sale of the company.

Materials stocks added 3.3% and gold stocks are up 3.1% with the price of gold up $1.70 to $908.30 per ounce. New Gold (NGD.TO) is up 10%, Iamgold (IMG.TO) had added 6.3%, Eldorado (ELD.TO) is up 4.6% and Agnico-Eagle Mines (AEM.TO) has added 3.7%.

Energy stocks are up 2.7% as crude oil has jumped $2.00 to $51.62 on the NYMEX. Suncor (SU.TO) is up 2.8%, Canadian Oil Sands (COS.UN.TO) has added 2.7% and Canadian Natural Resources (CNQ.TO) is up 1.9%.

UTS Energy Corp. (UTS.TO) confirmed that it has deemed the offer of C$1.75 cash per share made by Total S.A. is inadequate and not in the best interest of UTS. The stock is down 1.75%.

In other corporate news, Canadian Pacific Railway Ltd. (CP.TO) is down 0.6% after the stock said Thursday its first quarter profit was C$62.5 million or C$0.39 per share, down from C$90.7 million or C$0.59 per share in the prior year quarter.

Kingsway Financial Services (KFS.TO) announced that it has appointed Colin Simpson as president and chief executive officer, effective immediately. Shares are up 4.2%.

Shoppers Drug Mart (SC.TO) has dropped 3.4% after the company was downgraded to Outperform from Top Pick by RBC Capital Markets.

On the economic front across the border, a Commerce Department report showed new home sales fell 0.6 percent to an annual rate of 356,000 in March from a revised February rate of 358,000. Economists had expected new home sales to remain unchanged compared to the 337,000 originally reported for the previous month.

Earlier, data showed durable goods orders fell 0.8 percent in March following a downwardly revised 2.1 percent increase in February. Economists had expected orders to fall 1.5 percent compared to the 3.5 percent increase that had been reported for the previous month.

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