Canadian stocks surged for a third straight session and moved to its best level in nearly eight weeks. Industrial, mining and energy stocks have all seen gains of more than 4% in the early going.
The S&P/TSX Composite Index has added 148.30 or 1.65% to 9,090.12. The index touched above 9,100 for the first time since Feb. 9.
Industrial stocks are leading the gainers with a 4.6% advance. Bombardier (BBD-B.TO) has rallied 11.2% after the company reported fourth-quarter net income of US$309 million or US$0.17 per share, compared to US$218 million or US$0.12 per share last year. The company also announced plans to cut another 3,000 jobs.
Mining stocks have gained another 4.25, continuing the recent strength. Teck Cominco (TCK.B.TO) has surged 8.7%, Inmet (IMN.TO) has added 4.1% and First Quantum (FM.TO) is up 1.8%.
Energy stocks are up 4.1% as crude oil surged above $50 again, erasing yesterday's slump. Light sweet crude oil for May delivery jumped $3.50 to $51.89 per barrel.
Financials are up 3%. Toronto Dominion (TD.TO) has rallied 2.4%, Bank of Montreal (BMO.TO) has climbed 2.3%, ROyal Bank (RY.TO) is up 1.9% and Scotiabank (BNS.TO) has gained 1.8%.
In other corporate news, Nortel (NT.TO) is up 6.7% after the company said it launched Smart Power Management Software that helps reduce radio network power consumption in GSM networks and delivers significant energy and cost-savings for mobile operators.
Air Canada (AC.A.TO) is also up 6.7% after the Globe and Mail reported the airliner may change its strategy of charging fees for extra services such as additional luggage and sandwiches under new Chief Executive Officer Calin Rovinescu.
Energy Savings Income Fund (SIF_U.TO) has added 4.7% after the company announced that it now expects that both gross margin and the distributable cash will increase by more than 10% for the year. Further, the company believes that unit holders should expect year over year growth for the fourth quarter to be in excess of 15% for gross margin and 20% for distributable cash after margin replacement.
Across the border, a Labor Department report showed that initial jobless claims rose to 669,000 from the previous week's revised figure of 657,000. Economists had expected jobless claims to edge down to 650,000 from the 652,000 originally reported for the previous week.
The S&P/Composite Index added 221.43 points or 2.53% to 8,941.82. The index reached a six-day closing high after hitting a 10-day low earlier this week.
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