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: Quote), UPS (UPS.N: Quote) and 3M (MMM.N: Quote) 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: Quote) advanced almost 1 percent to C$52.00, Suncor Energy (SU.TO: Quote) gained 1.7 percent to C$33.10 and Teck Resources (TCKb.TO: Quote) 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...