By Jeff Sanford
The good news about Yahoo — that it soundly beat earnings estimates and reported drastically improved revenue — seemingly knocked markets out of the summer stupor they’ve been in for the last two weeks.
The TSE rocketed out of the gate this morning and spent most of the day in record territory, finally ending the day at 10,572.90, an incredible gain of just over 220 points, and a new record close.
Overall, advancing issues outpaced decliners, 552 to 520, while volume was relatively light at just over 120 million shares traded.
It was good news all around as all of the TSE’s sub-indices, except consumer products and gold, finished the day up.
The charge was led by technology as industrials jumped 3.87%, a gain of 519.82 points.
In individual stocks, Nortel bashed through its 52-week high to close at a record $110.50, up $4.85 from yesterday’s close. Wireless network and software developer Teklogix International Inc., which announced today that it is being swallowed by British tech firm Psion PLC for $544 million, closed at $32.05, up $7.15.
Also posting good gains was chipmaker MOSAID Technologies Inc. It was up $14.35 on news that it has signed a deal with Samsung to provide its engineering facilities with data analysis tools.
The CDNX closed up 9.29 points at 3382.28.
The Canadian dollar finished the day at US67.55¢.
The good news was repeated south of the border as the NASDAQ composite, primed for a summer rally, took off on the Yahoo! news. It closed the day up 143.17 points at 4,099.59.
The Dow Jones industrial average was also up, it tacked on 56.57 points to finish at 10,783.76. The S&P 500 finished the day up, too. It gained 12 points to close at 1,492.92.
Financial stocks were also off and running following the announcement by UBS AG that it would be buying out the fourth largest U.S. broker in the states, PaineWebber.
J.P. Morgan rose over $6 to close at $124.