TMX Broadcast Centre in downtown Toronto Oct. 22, 2013.Fernando Morales/The Globe and Mail
Canada's main stock index was little changed on Thursday, squeezing out a small gain, helped in part by a jump in BlackBerry stock after the company reported better-than-expected results.
The Toronto Stock Exchange's S&P/TSX composite index finished 8.59 points, or 0.06 per cent higher, to 15,618.25.
Six of the index's 10 main groups were higher. Energy stocks, which accounts for some 20 per cent of the index, fell 0.8 per cent.
BlackBerry Inc. reported stronger-than-expected quarterly results on record sales for its closely watched software unit, sending its shares surging 12.8 per cent to $13.
BlackBerry was the most influential driver on the positive side for the index and also helped lift the technology sector by 0.9 per cent.
Bombardier Inc. rebounded from sharp losses in the previous session after the company was dealt major setbacks in its aerospace and rail units. The shares advanced 5.2 per cent to $2.21.
Valeant Pharmaceuticals International fell 4.8 per cent to $17.09, pushing the healthcare group down 0.6 per cent.
Metro Inc gave back some of Wednesday's rally following news it was in talks to buy pharmacy chain Jean Coutu for $3.6-billion. Metro was down 1.4 per cent at $43, while Jean Coutu was down 0.7 per cent at $24.37.
DHX Media Inc. fell 16.1 per cent to $5.05 after reporting disappointing quarterly results.
The U.S. dollar weakened on Thursday after a recent rally while stocks globally rose modestly as investors digested U.S. economic data and prospects for a U.S. tax reform plan proposed by President Donald Trump.
Mr. Trump on Wednesday proposed the biggest U.S. tax overhaul in three decades, calling for tax cuts for most Americans, but prompting criticism that the plan favours business and the rich and could add trillions of dollars to the deficit.
"The market is a little more optimistic that we are going to actually have some kind of tax cuts," said Scott Wren, senior global equity strategist at Wells Fargo Investment Institute in St. Louis, Missouri. "The probability is it is going to take a long time to work it all out."
Bets that the Federal Reserve will raise rates once more by year-end have firmed this week, following comments from Chair Janet Yellen on Tuesday that the U.S. central bank needs to continue gradual rate hikes despite broad uncertainty about the path of inflation.
Data on Thursday showed the U.S. economy expanded a bit faster than previously estimated in the second quarter, but the momentum likely slowed in the third quarter due to the impact of hurricanes Harvey and Irma.
The Dow Jones Industrial Average rose 40.49 points, or 0.18 per cent, to 22,381.2, the S&P 500 gained 3.02 points, or 0.12 per cent, to 2,510.06 and the Nasdaq Composite added 0.19 point, or 0 per cent, to 6,453.45.
The Dow got a boost from McDonald's shares, which rose 2.2 per cent after an analyst upgrade.
The S&P 500 set a record closing high as did the small-cap Russell 2000 index and the closely watched Dow Jones Transport Average.
MSCI's gauge of stocks across the globe gained 0.13 per cent. The pan-European FTSEurofirst 300 index rose 0.16 per cent.
Emerging market stocks lost 0.57 per cent, their sixth straight session of declines.
The dollar edged lower against a basket of currencies after a three-day winning streak as investors took profit on the greenback's rally this week ahead of the end of the quarter.
The dollar index fell 0.21 per cent, while the euro was up 0.31 per cent to $1.1779.
"The market is taking a breather before next week," said Alfonso Esparza, senior currency analyst at Oanda in Toronto.
Next week's nonfarm payroll report is the next big data point that traders are watching for clues to the timing of the next U.S. interest rate hike.
The yield spread between shorter and longer-dated U.S. Treasuries grew after release of a tax plan that raised concerns about faster growth in the federal deficit and borrowing.
Benchmark 10-year notes last fell 1/32 in price to yield 2.3103 per cent, from 2.309 per cent late on Wednesday.
"Much of the move has been about the tax rollout," said Bruno Braizinha, interest rate strategist at SG Corporate & Investment Banking in New York. "Based on recent history like healthcare reform, it may be a disappointment."
Oil prices slipped, backing off gains spurred by tension around northern Iraq following the Kurdistan region's vote in favour of independence.
U.S. crude fell 1.05 per cent to $51.59 per barrel and Brent was last at $57.65, down 0.43 per cent.
Spot gold added 0.5 per cent to $1,286.51 an ounce.