Stock markets finished higher yesterday after another batch of financial earnings in the United States breezed past expectations.
Toronto's S&P/TSX composite index moved up 94.28 points to 9,437.65, up 251 points, or 2.7 per cent for this week.
The rally that started March 10 has lifted the TSX and the Dow industrials up by about 24 per cent.
The TSX Venture Exchange edged up 7.1 points to 989.23. The Canadian dollar was down 0.37 of a cent (U.S.) to 82.3 cents amid signs of lower inflation. Statistics Canada reported the inflation rate dipped to 1.2 per cent in March.
New York's Dow Jones industrial average rose 5.9 points to 8,131.33.
The Nasdaq composite gained 2.63 points to 1,673.07 as the technology-heavy index got some lift from a better-than-expected earnings report from Google Inc.
The S&P 500 index gained 4.3 points to 869.6 after Citigroup, widely considered the most troubled large U.S. bank, said its loss per share in the first three months of 2009 was 18 cents, narrower than the 34 cents analysts were predicting. Its stock fell 36 cents to $3.65.
For the week, the S&P 500 rose 1.5 per cent, the Dow climbed 0.6 per cent and the Nasdaq gained 1.2 per cent.
General Electric shares rose 12 cents to $12.39 after it reported earnings per share of 26 cents, ahead of the 21 cents analysts expected.
Citigroup's results followed upbeat reports in recent days by JPMorgan Chase, Wells Fargo and Goldman Sachs.
"They actually did what they said they were going to do," said Kate Warne, Canadian market specialist at Edward Jones in St. Louis, Mo.
She added that moves in Citigroup and GE shares were muted because "it's unrealistic to expect a positive reaction to every company coming in a little bit above expectations – and expectations are low."
Toronto's S&P/TSX composite index moved up 94.28 points to 9,437.65, up 251 points, or 2.7 per cent for this week.
The rally that started March 10 has lifted the TSX and the Dow industrials up by about 24 per cent.
The TSX Venture Exchange edged up 7.1 points to 989.23. The Canadian dollar was down 0.37 of a cent (U.S.) to 82.3 cents amid signs of lower inflation. Statistics Canada reported the inflation rate dipped to 1.2 per cent in March.
New York's Dow Jones industrial average rose 5.9 points to 8,131.33.
The Nasdaq composite gained 2.63 points to 1,673.07 as the technology-heavy index got some lift from a better-than-expected earnings report from Google Inc.
The S&P 500 index gained 4.3 points to 869.6 after Citigroup, widely considered the most troubled large U.S. bank, said its loss per share in the first three months of 2009 was 18 cents, narrower than the 34 cents analysts were predicting. Its stock fell 36 cents to $3.65.
For the week, the S&P 500 rose 1.5 per cent, the Dow climbed 0.6 per cent and the Nasdaq gained 1.2 per cent.
General Electric shares rose 12 cents to $12.39 after it reported earnings per share of 26 cents, ahead of the 21 cents analysts expected.
Citigroup's results followed upbeat reports in recent days by JPMorgan Chase, Wells Fargo and Goldman Sachs.
"They actually did what they said they were going to do," said Kate Warne, Canadian market specialist at Edward Jones in St. Louis, Mo.
She added that moves in Citigroup and GE shares were muted because "it's unrealistic to expect a positive reaction to every company coming in a little bit above expectations – and expectations are low."
