CANADA STOCKS-TSX rallies on commodities, U.S. earnings

Thu Jul 22, 2010 10:52am EDT
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* TSX up 124.72 points at 11,637.30

* Financials, resources lead index higher

* All 10 sectors gain (Updates with details, comments)

By Claire Sibonney

TORONTO, July 22 (Reuters) - Canada's main stock index shot higher on Thursday, as investors got a boost from firm commodity prices and strong U.S. earnings, following a steep selloff the day before on worries over the recovery.

North American markets jumped at the open as impressive results from Caterpillar CAT.N, UPS UPS.N and 3M MMM.N eased growth concerns and eclipsed worries over a rise in U.S. jobless claims, while oil and copper prices advanced. [.N] [O/R] [MET/L]

The TSX was firing on all three of its most powerful cylinders: financials, up 0.7 percent, energy, up 1.1 percent, and the materials group, up almost 2 percent.

Royal Bank of Canada RY.TO advanced almost 1 percent to C$52.00, Suncor Energy SU.TO gained 1.7 percent to C$33.10 and Teck Resources TCKb.TO rallied 3.7 percent to C$36.44.

"I think it's just a general rebound from yesterday," said John Kinsey, a portfolio manager at Caldwell Securities.   Continued...