TSX closes above 10,000
Malcolm Morrison
THE CANADIAN PRESS
The Toronto stock market surged more than 250 points today to its first close above 10,000 in six months, powered ahead by news suggesting that U.S. job losses are slowing.
"The market is finding, appropriately, that we aren't in such a steep economic decline," said Kate Warne, Canadian market specialist at Edward Jones in St. Louis.
"The economy, particularly in the U.S., is still slowing down but the pace is less fast."
Toronto's S&P/TSX composite index closed up 262.71 points or 2.66 per cent to 10,143.43, leaving the benchmark Canadian index up 34 per cent from its trough in early March.
Elsewhere in the auto sector, Linamar Corp. (TSX: LNR) rose $2.39 or 38 per cent to $8.65, on top of a 40 per cent surge Tuesday after first-quarter results came in better than expected.
The TSX Venture Exchange added 17.5 points to 1,047.86.
The Canadian dollar rose 0.75 cent to 85.78 cents U.S. as Statistics Canada reported that building permits were up 23.5 per cent in March after five straight months of decline.
New York's Dow Jones industrial average ran up 101.63 points to 8,512.28 after payroll firm Automatic Data Processing Inc. tallied U.S. job losses at 491,000 in April – well below the market expectation of 650,000 data due Friday from the U.S. Labour Department.
The Nasdaq composite finished 4.98 points higher to 1,759.1, while the S&P 500 index rose 15.73 points to 919.53.
Malcolm Morrison
THE CANADIAN PRESS
The Toronto stock market surged more than 250 points today to its first close above 10,000 in six months, powered ahead by news suggesting that U.S. job losses are slowing.
"The market is finding, appropriately, that we aren't in such a steep economic decline," said Kate Warne, Canadian market specialist at Edward Jones in St. Louis.
"The economy, particularly in the U.S., is still slowing down but the pace is less fast."
Toronto's S&P/TSX composite index closed up 262.71 points or 2.66 per cent to 10,143.43, leaving the benchmark Canadian index up 34 per cent from its trough in early March.
Elsewhere in the auto sector, Linamar Corp. (TSX: LNR) rose $2.39 or 38 per cent to $8.65, on top of a 40 per cent surge Tuesday after first-quarter results came in better than expected.
The TSX Venture Exchange added 17.5 points to 1,047.86.
The Canadian dollar rose 0.75 cent to 85.78 cents U.S. as Statistics Canada reported that building permits were up 23.5 per cent in March after five straight months of decline.
New York's Dow Jones industrial average ran up 101.63 points to 8,512.28 after payroll firm Automatic Data Processing Inc. tallied U.S. job losses at 491,000 in April – well below the market expectation of 650,000 data due Friday from the U.S. Labour Department.
The Nasdaq composite finished 4.98 points higher to 1,759.1, while the S&P 500 index rose 15.73 points to 919.53.
