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Specialist Joseph Mastrolia, left, works with traders on the floor of the New York Stock Exchange. (Richard Drew/AP)
Specialist Joseph Mastrolia, left, works with traders on the floor of the New York Stock Exchange. (Richard Drew/AP)

At the open: Stocks rise on positive earnings news Add to ...

The Toronto stock market advanced amid positive earnings news and hopes that the U.S. Federal Reserve is ready to help with stimulus in the future.

The S&P/TSX composite index gained 56.26 points to 11,635.41 while the Canadian dollar was up 0.26 of a cent to 99.2 cents (U.S.).

New York’s Dow Jones industrials rose 23.69 points to 12,932.39. The Nasdaq composite index was ahead 18.47 points to 2,961.07 while the S&P 500 index rose 2.43 points to 1,375.21.

The S&P 500 index was on track for a third day of gains, after Wednesday’s advance took it to its highest level since May. The rally has largely been driven by corporate earnings, and investors were cheered by IBM’s move to raise its full-year profit forecast late on Wednesday. IBM reported that quarterly earnings rose six per cent, marking the 38th consecutive quarter that its net income has climbed from the previous year.

Oil rose $1.47 to $91.34 a barrel.

In Canada, Shoppers Drug Mart reported second quarter adjusted earnings of $149-million or 71 cents per share, up 4.4 per cent from the same time last year and a penny ahead of estimates.

- With files from Reuters

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