CANADA STOCKS-TSX advances on positive U.S. data, Fed signals

Thu Jan 8, 2015 10:55am EST
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* TSX up 168.60 points, or 1.18 percent, at 14,453.60

* All 10 main index sectors advance

* Valeant jumps 4.6 percent after raising outlook

By John Tilak

TORONTO, Jan 8 (Reuters) - Canada's main stock index strengthened on Thursday as solid U.S. economic data boosted sentiment and recent comments from the Federal Reserve signaled that the U.S. central bank was in no hurry to raise interest rates.

Latest labor-market figures showed strength in the U.S. economy, with the number of jobless claims falling last week and job cuts declining for a second straight month in December.

Minutes from a recent policy meeting indicated that Fed members debated how to communicate plans to eventually begin raising interest rates later this year.

The Toronto equity market rebounded for a second straight session, following sharp selloffs on concerns about a global crude supply glut that took down oil prices.

"This is based on relief over the direction of interest rates and some buying on what was seen as overdone weakness in the early sessions of the new year," said Andrew Pyle, senior wealth advisor and portfolio manager at ScotiaMcLeod.   Continued...