Discount retailer Ross Stores raised its profit projections after it surpassed Wall Street estimates in the second quarter, and its stock rose $3.30, or 5.2 percent, to $66.18.
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Meanwhile, New York Fed President William Dudley said in a Thursday speech the past two jobs reports “helped allay concerns that arose earlier this year that job growth was beginning to stall”.
Benchmarks closed in the green on Wednesday after the minutes of the Federal Reserve’s July 26-27 policy meeting indicated that policy makers were divided over their views on rate hikes.
The S&P/TSX Composite Index fell 0.01 per cent, or 1.92 points, to 14,695.68 in Toronto, extending losses to 0.6 per cent in three days.
Six of the 10 major S&P sectors were higher, with the energy index’s 0.48 per cent rise leading the advancers.
United States crude supplies fell the most in five weeks through August 12, while fuel stockpiles slid a third week, Energy Information Administration data show.
Strong recent U.S.jobs growth and a long-awaited return of middle-wage employment were two positive signs for the US labour market, New York Fed president William Dudley said Thursday.
“It’s interesting because, when the minutes came out, the reaction was negative, but about 10 minutes later the sentiment changed and stocks and bonds rose”, said Randy Frederick, managing Director of trading and derivatives at Charles Schwab.
As well as jobless claims data, investors will look to earnings reports from companies including Wal-Mart Stores Inc. for indications of the state of the US economy. The stock provided the biggest boost to the S&P 500. The Nasdaq Composite Index increased 9.11 points, or 0.17 per cent, to 5,237.77.
The telecommunications index’s 1.1 percent loss led sector decliners.
NetApp (NTAP.O) jumped 17.4 percent to $33.88 after its quarterly results beat expectations.
Asian stocks climbed as energy producers advanced after oil entered a bull market and Japanese shares advanced as the yen stabilized after breaching 100 against the dollar.
On the economic front, the report on initial jobless claims is seen showing a figure of 266,000 for the week to August 13, the same as a week before. The FTSE in Britain slipped 0.2 percent.
Oil futures stretched their streak of gains to a sixth session in a row Thursday to settle at their highest level in almost two monthslifting crude into a bull market.
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Brent traded at $50.42 a barrel, up 56 cents on the day. For the fiscal third quarter of 2016, the company anticipates sales to fall from the level recorded in the prior-year quarter, forecasting its fifteenth consecutive quarterly revenue decline.
