TSX rises as TD, CIBC beat expectations
Malcolm Morrison, The Canadian Press
Published Thursday, February 27, 2014 4:53AM EST
Last Updated Thursday, February 27, 2014 4:38PM EST
TORONTO -- Solid bank earnings helped lift the Toronto stock market to a modest gain.
The S&P/TSX composite index climbed 26.16 points to 14,214.74 as CIBC (TSX:CM) posted quarterly net income of $1.18 billion, up nearly 50 per cent from a year ago and partly due to the sale of half its Aeroplan credit card business to TD Bank (TSX:TD).
TD had $2.04 billion of net income in the first quarter, up 14 per cent from a year earlier. Both banks also hiked their dividends.
The Canadian dollar was off 0.06 of a cent at 89.8 cents US.
New York indexes also advanced as the Dow Jones industrials gained 74.24 points to 16,272.65, the Nasdaq was up 26.87 points at 4,318.93 and the S&P 500 index edged up 9.14 points to another record close of 1,854.3.
Traders also took in remarks from U.S. Federal Reserve chair Janet Yellen, who said it's too early to tell how badly adverse winter weather is affecting the American economy.