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The TMX Broadcast Centre in Toronto (Frank Gunn/THE CANADIAN PRESS)
The TMX Broadcast Centre in Toronto (Frank Gunn/THE CANADIAN PRESS)

The close: Commodities give TSX a bounce Add to ...

Canadian stocks pulled out of a commodities-driven tailspin on Thursday, with the benchmark index rebounding modestly even as U.S. stocks declined.

The S&P/TSX composite index closed at 11,996.34, up 49.05 points or 0.4 per cent. Since mid-March, the commodities-heavy index has slumped about 7 per cent.

In the U.S., the S&P 500 closed at 1,541.61, down 10.40 points or 0.7 per cent. The blue-chip Dow Jones industrial average closed at 14,537.14, down 81.45 points or 0.6 per cent.

The moves follow mixed earnings and economic news, but also rising prices for key commodities such as gold and crude oil.

The U.S. Labor Department reported that jobless claims for the period ended last week rose by 4,000, to 352,000. That was in line with expectations.

A reading on Philadelphia-area manufacturing declined, missing expectations.

In earnings news, Morgan Stanley fell 5.4 per cent after it reported earnings of $984-million (U.S.) or 49 cents a share, beating estimates. However, the bank’s trading revenue fell sharply.

Pepsico Inc. rose 3 per cent and Verizon Communications Inc. rose 2.8 per cent after both companies beat expectations with their quarterly results.

Within Canada’s benchmark index, commodity producers showed the biggest gains: Materials rose 2.3 per cent, breaking a six-day losing streak that had shed more than 18 per cent from the subindex. Energy stocks rose 1 per cent.

Among commodities, gold rose to $1388 an ounce, up $5.80. Crude oil rose to $88.36 a barrel, up $1.68.

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