CANADA STOCKS-TSX climbs for 3rd day on firm data, oil prices

Thu Jul 8, 2010 5:20pm EDT
 
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* TSX up 0.32 percent to close at 11,433.37

* Up 3 pct since hitting 8-mth closing low on Monday

* Most sectors turn higher late, gold group main drag

* U.S. jobless claims drop, offer hope for recovery (Adds details)

By Ka Yan Ng

TORONTO, July 8 (Reuters) - Toronto's main stock index closed higher on Thursday after a see-saw session, helped by stronger oil prices and U.S. data that boosted confidence in the global economic recovery.

A bigger than expected decline in U.S. jobless claims was welcome news after a wave of weak reports had stirred chatter that the U.S. economy was headed back into recession. [ID:nN08209499]

The jobless claims data provided "lift-off" for the market, while firmer commodity prices, a rebounding euro, and upbeat company outlooks also helped to shore up confidence, said Barry Schwartz, a portfolio manager at Baskin Financial Services.

"All of a sudden, risk is back on the table and people are maybe saying the market has overreacted to the possibility of a double-dip recession," he said.   Continued...