CANADA STOCKS-TSX up for third day as RBC, TD jump
* TSX rises 43.81 points, or 0.30 percent, to 14,693.61 * Seven of 10 main index sectors advance * RBC climbs 1.6 percent, TD jumps 2.1 percent By John Tilak TORONTO, May 22 (Reuters) - Canada's main stock index climbed for a third straight session on Thursday as shares of Royal Bank of Canada and Toronto Dominion Bank advanced after the country's two biggest banks reported quarterly results. The market was also supported by comments from the Federal Reserve on Wednesday that sought to reassure investors that the U.S. central bank will gradually retreat from its highly stimulative monetary policy. Stronger quarterly earnings at RBC and TD helped fuel gains in shares of other major banks as well and boost investor confidence in the broader market. RBC reported a 15 percent rise in quarterly profit, driven by strong domestic lending volumes and capital markets revenue. TD's quarterly profit rose 16 percent on strong Canadian and U.S. retail lending. The results were "phenomenal," said Barry Schwartz, vice president and portfolio manager at Baskin Financial Services. "This is Goldilocks for the banks," he added. "The bears are out dancing in the forest, and this is the time to gorge at the free money that the central banks are giving." The Toronto Stock Exchange's S&P/TSX composite index was up 43.81 points, or 0.30 percent, at 14,693.61. Seven of the 10 main sectors on the index were higher. The materials sector, which includes mining stocks, rose 0.2 percent, with Teck Resources Ltd adding 0.5 percent to C$24.82. RBC climbed 1.6 percent to C$75.50, and TD was up 2.1 percent at C$53.01. Bank of Nova Scotia and Bank of Montreal also gained. Those gains helped push financial shares, the index's most heavily weighted sector, up 0.9 percent. (Editing by Dan Grebler)
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