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The close: M&A activity, earnings boost markets

The Time Warner Cable Inc. office is shown in Carlsbad, Calif.

MIKE BLAKE/REUTERS

Earnings news helped boost the Toronto stock market.

The S&P/TSX composite index jumped 101.16 points to 14,001.65.

Canadian Tire said its quarterly profit jumped 17 per cent as customers bought more snowblowers, salt, shovels and car batteries to deal with a tough winter. And Sun Life Financial lifted the financials sector as the insurer posted quarterly operating income that nearly doubled.

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But a major decliner was Bombardier Inc., with shares tumbling nine per cent as it said that delays in first deliveries of its C-Series aircraft will add about $1-billion in development costs and capitalized interest.

The Canadian dollar was up 0.17 of a cent to 91.1 cents (U.S.).

New York's Dow Jones industrials rose 63.65 points to 16,027.59 amid major acquisition activity as Comcast Corp. confirmed that it plans to buy Time Warner Cable for about $45.2-billion (U.S.) in stock in a deal that would combine the top two U.S. cable TV companies. The Nasdaq was up 39.38 points at 4,240.67 and the S&P 500 index climbed 10.57 points to 1,829.83.

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