RTTNews - Bay Street stocks have moved higher amid volatile trading on Friday morning. The rally took Toronto's main index above the key 10,000 mark again.
The S&P/TSX Composite Index has rallied 81.96 points or 0.82% to move at 10,034.81. With the gains, the market has recovered some of the 2.75% losses from the day before.
Materials stocks are up 2.2% while gold stocks are up 1%. Gold has gained $8.60 to $959.80 an ounce.
Eldorado (ELD.TO) has jumped 5.4%, Barrick Gold (ABX.TO) has gained 2.8% and Goldcorp (G.TO) is up 1.9%. Also in the materials sector, fertilizer makers Potash (POT.TO) and Agrium (AGU.TO) are each up about 2.6%.
Yukon-Nevada Gold Corp. (YNG.TO) is flat after the gold producer said it has appointed Robert Baldock as its president and chief executive officer.
Mining stocks are up 2% with copper rising 3.9 cents to $2.09 per pound. Teck Cominco (TCK.B.TO) has added 4%.
In corporate news, Computer Modelling Group (CMG.TO) has rallied 10.8% after the company reported fourth quarter net earnings of C$6.1 million or C$0.35 per share, up from C$3.0 million or C$0.18 per share for the comparable period last year.
Across the border, the Washington Post reported troubled automaker General Motors (GM) may be sent into bankruptcy protection by the U.S. government as early as the end of next week.
The Globe and Mail reported General Motors of Canada has reached a tentative cost-cutting agreement with the Canadian Auto Workers union, which could pave the way for Canada to join the U.S. government in a bailout.
In economic news, Statistics Canada reported retail sales increased for the third consecutive month in March, rising 0.3% in current dollars to $33.9 billion. In volume terms, retail sales rose 0.7% in the month.
On Thursday, the S&P/TSX Composite Index lost 282.85 points or 2.76% to settle at 9,949.59. Wednesday, the index hit a multi-month intraday high above 10,300.
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