CANADA STOCKS-TSX surges to 3-week high in late rally

Thu Jul 15, 2010 6:01pm EDT
 
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* TSX jumps 1.05 percent to 11,741.77

* Closes at at highest level since June 24

* All 10 main sectors post gains (Updates to close)

By Ka Yan Ng

TORONTO, July 15 (Reuters) - Toronto's main stock index rallied into the close on Thursday, with all 10 of its main sectors ending in positive territory, as worries about the economic recovery gave way to hopes of increased momentum from healthy corporate earnings.

The TSX straddled the unchanged mark until the last hour of trading began, then turned decidedly higher as U.S. stocks recouped losses late in the day. The U.S. rebound was led by a sudden surge by Goldman Sachs Group (GS.N: Quote) on talk that U.S. securities regulators will make a major enforcement announcement. [ID:nN15238780] [.N]

After the bell, regulators said the Wall Street firm has agreed to pay $550 million to settle civil charges that it misled investors in a subprime mortgage product, bringing to a close one of the most tumultuous chapters in the bank's history. [ID:nN15237915]

Toronto's financial sector gained 1.01 percent, mirroring banking gains south of the border.

Key names on rise included Toronto-Dominion Bank (TD.TO: Quote), up 1.1 percent at C$72.88, while Royal Bank of Canada (RY.TO: Quote) rose 0.81 percent to C$55. Bank of Nova Scotia (BNS.TO: Quote) advanced 1.04 percent to C$52.44.   Continued...