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Dec. 10, 2009 (Baystreet.ca) --
Canadian stocks are slightly higher for a second straight day as strong economic news from both sides of the border provided a spark and bargain-hunters took advantage of a recent slump.
The S&P/TSX Composite was up 20.36 points shortly before 1 p.m. ET, to 11,399.58.
Mining stocks have gained, as Teck Resources is up 2.9% and HudBay has added 2.6%.
Energy stocks are also up, as Suncor has gained 2.3%, Baytex is up 1.7% and Canadian Natural Resources has added 1.2%.
In corporate news, Gildan Activewear has rallied more than 10% after the company reported fourth-quarter net earnings of $42.39 million U.S. or $0.35 U.S. per share, compared to $21.83 million U.S. or $0.18 U.S. per share last year.
ADF Group Inc. lost 0.75% after the company posted third-quarter net earnings of $1.4 million or $0.04 per share, compared to $6.5 million or $0.18 per share for the same quarter last year.
West 49 has lost 1.9% after the company reported third-quarter net income and comprehensive income of $2.9 million or $0.04 per share, compared to $2.07 million or $0.03 per share last year.
Wi-LAN has dropped 7.9% despite reporting fourth-quarter net earnings of $16.5 million or $0.16 per share, compared to $277,000 or breakeven per share in the last-year quarter.
Lululemon Athletica reported net income for the third quarter of $14.1 million U.S. or $0.20 per share, compared to $8.8 million or $0.13 per share in the year-ago quarter. However, the stock is down 3.3%.
In economic news, Statistics Canada reported an unexpected trade surplus of $428 million in October, compared to a deficit of $850 million in the prior month. Exports were up 3.4%.
The Canadian dollar was ahead 0.04 cents to 94.87 cents U.S.
ON BAYSTREET
Of the 14 TSX subgroups, nine are headed upward. Metals and mining stocks lead the pack, ahead 1.1%, followed closely by health-care and energy stocks, up 1% each.
The five losing groups were weighed by gold's 1.1% slide, while materials lost 0.8% and telecoms were off 0.5%.
The TSX Venture Exchange slipped 0.46 points to 1,409.62, while the Nasdaq Canada index was up 8.20 points to 706.07.
ON WALLSTREET
In New York, stocks rallied Thursday afternoon as reports showing a decline in the pace of foreclosures and a narrowing of the trade gap helped offset a mixed reading on the jobs market and a seesawing dollar.
As noon hour came to an end, the Dow Jones Industrials had added 75.05 points to 10,412.10, while the S&P 500 gained 8.08 points to 1,104.03, while the Nasdaq picked up 15.26 points to 2,198.99.
Gains were broad-based, with 26 of 30 Dow stocks rising, led by commodities and consumer names. Gainers included Alcoa, Chevron, Walt Disney, Johnson & Johnson and Wal-Mart Stores
Stocks had risen more sharply in the first minutes of trade, with the Dow adding as much as 107 points on the weak dollar. But the U.S. dollar turned positive versus the euro and yen, causing stocks to trim some gains.
The weak dollar has helped stocks rally over the past nine months, with the S&P 500 now up 62% from 12-year lows hit on March 9. The weaker dollar has given a boost to dollar-traded commodity shares and the stocks of companies that do a lot of business overseas and therefore benefit from a weaker greenback.
But in the last few weeks, the dollar has zigzagged and so have stocks. Stocks have also been volatile due to the lighter trading volume this month, with many investors opting to coast through year end rather than shake up their portfolios at the end of the tumultuous year.
On the economic front, investors were focusing on reports on initial claims for unemployment benefits and the U.S. trade balance before the opening bell -- though they showed little reaction to the weaker-than-expected job report.
The number of Americans filing first-time claims for state jobless benefits rose to 474,000 in the week ended Dec. 5. That's up 17,000 from the prior week.
Jobless claims were expected to have declined by 2,000 last week to 455,000, according to analysts surveyed by Briefing.com.
However, continuing claims, the number of Americans receiving benefits for a week or more, declined more than expected.
Elsewhere, foreclosure filings fell 8% in November from October, according to RealtyTrac, an online marketer of foreclosed properties. That means November is the fourth month in a row in which foreclosure filings have dropped.
But foreclosures are still up 20% from a year ago.
Treasury Secretary Timothy Geithner is speaking before the Congressional Oversight Panel about the government's bailout of the financial system. On Wednesday, Geithner said the Troubled Asset Relief Program (TARP) will be extended through Oct. 2010. It had been set to expire at the end of this month.
Also Wednesday, the Congressional Oversight Panel said that while TARP helped stabilize the banking system, it failed to boost spending or stop foreclosures.
In other news, the Commerce Department reported that the nation's trade gap narrowed in October to $32.9 billion U.S. from a revised $35.7 billion U.S. in September, thanks to a jump in exports. Economists thought it would widen to $36.8 billion U.S., on average.
The flow of funds report from the Federal Reserve was due around noon ET. The report is likely to show that household net worth continued to fall in the second quarter, along with home values.
In company news, Ciena posted a wider-than-expected fiscal fourth-quarter loss as a result of rising costs. The networking gear maker also forecast better-than-expected revenue in the current quarter. But investors focused on the loss, sending shares lower in active Nasdaq trading.
AOL began trading Thursday after completing its spinoff from (CNNMoney.com parent) Time Warner Wednesday, ending what is considered to be one of the worst mergers in corporate history. Shares fell 2%.
Warehouse club operator Costco posted fiscal first-quarter earnings of 60 cents U.S. per share versus 65 cents U.S. a year ago, in line with analysts' estimates.
Treasury prices went down, raising yields to 3.49% from Wednesday's 3.42%. Treasury prices and yields move in opposite directions.
The price of a barrel of oil skidded 20 cents to 70.47 cents U.S.
Gold prices gained eight dollars to $1,129 an ounce U.S.