strong earnings boost tsx

Strong earnings reports helped push the Toronto stock market higher Thursday.

The S&P/TSX composite index climbed 58.35 points at 12,379.64, with investors giving a positive reception to earnings from clothing manufacturer Gildan Activewear and Manulife Financial among others.

The Canadian dollar was off US0.02¢ to US99.18¢.

Earnings reports and positive employment news helped push New York markets higher after they also lost ground on Wednesday.

The Dow Jones industrial average rose 130.63 points to 14,831.58, the Nasdaq was ahead 41.49 points to close at a 12½-year high of 3,340.62 and the S&P 500 index was up 14.89 points at 1,597.59.

There was some positive employment news a day before the U.S. government releases its employment report for April.

The number of Americans seeking unemployment aid fell last week to seasonally adjusted 324,000, the lowest since January 2008.

Economists forecast that the economy added 160,000 jobs last month. That’s much better than the 88,000 added in March.

General Motors’ shares ran up 98¢ to US$31.16 as the automaker’s net income fell 14% to $865 million or 58¢ a share in the first quarter, weighed down by losses in Europe and weaker earnings in North America. After the markets closed Wednesday,

Facebook said that its quarterly net income was $219 million, or 9¢ per share, up from $205 million, also 9¢ per share, in the same period a year ago when the company was still private. Its shares rose $1.54 to $28.97.

The gain on the TSX made up about half the loss registered Wednesday after data showing lower levels of expansion in manufacturing sectors set off a new round of concerns about the economies of the U.S. and particularly China, punishing resource stocks particularly.

The consumer staples sector rose 1.17% while Loblaw Companies Ltd. stock gained $2.01 to $46.76 The financial sector rose 0.92% as

Manulife Financial posted net income of $540 million or 28¢ a share, down sharply from $1.22 billion a year ago as insurance sales fell 23% to $619 million.

The consumer discretionary sector was ahead 0.7%. Clothing manufacturer Gild

an Activewear reported net earnings of US$72.3 million or 59¢ per share on a diluted basis, exceeding its earlier guidance of 54¢ to 57¢ per share. Net sales rose more than 8% to US$503 million. Its shares rose 41¢ to $41.46.