Toronto stock market heads higher amid positive earnings news, rising oil

Facade of the Toronto Stock Exchange (ShutterStock image)

TORONTO — The Toronto stock market market was higher Thursday amid positive earnings reports from Facebook, Potash Corporation of Saskatchewan and automaker Ford.

The S&P/TSX composite index rose 61.1 points to 14,663.98. The Canadian dollar lost more ground in the wake of Wednesday’s announcement from the Federal Reserve that left markets with the impression that the central bank will start hiking rates around the middle of this year. The loonie lost 0.11 of a cent to 79.76 cents US, adding to the three-quarters of a cent slide racked up in the previous session.

The Fed said it would be patient in beginning to normalize monetary policy while at the same time it pointed out a string of positives about the American economy, including that economic activity is expanding at a solid pace.

New York indexes were higher but still weighed down by worries the Fed might be raising rates too soon.

The Dow Jones industrials were ahead 56.19 points to 17,247.56, the Nasdaq gained 1.81 points to 4,639.8 and the S&P 500 index was 3.07 points higher to 2,005.23.

Energy stocks helped lift the TSX as oil prices advanced 34 cents to US$44.79 a barrel.