Closing Bell TSX rises commodities up as Google Inc earnings disappoint

TORONTO — The Toronto stock market registered a strong advance Wednesday amid signs that economic growth in China held up better than expected in the first quarter.Here are the closing numbersTSX — 14,446.52+142.60 1.00%S&P 500 —  1,862.31+19.33 1.05%Dow — 16,424.85+162.29 1.00%Nasdaq — 4,086.23 +52.06 1.29%The S&P/TSX composite index soared 142.6 points to 14,446.52 after the world’s second-largest economy reported growing at an annualized rate of 7.4% in the January-March period, down from the previous quarter’s 7.7%. It was the weakest growth in China since the 2008-09 global crisis but the number was still better than what many analysts had expected.“A lot of investors were fearing the worst (because) a lot of the economic data out of China has been quite soft over the last little while,” noted Allan Small, senior adviser at Holliswealth.“If (growth) stays in this range, there’s nothing to worry about.”The Canadian dollar was down 0.34 of a cent to 90.76 cents US after the Bank of Canada said it was keeping its key rate unchanged at one%. The bank also lowered its forecast for first-quarter growth this year to 1.5% from 2.5%, but attributed the downgrade mostly to temporary impacts of a unusually severe winter.New York indexes also finished sharply higher amid good news on the U.S. economy. The Federal Reserve‘s latest regional survey showed that the economy picked up over the past two months as bitter winter weather subsided.The Dow Jones industrials ran ahead 162.29 points to 16,424.85, the Nasdaq gained 52.07 points to 4,086.23 and the S&P index points climbed 19.33 points to 1,862.31.Earnings news also lifted markets as supermarket chain Metro Inc. (TSX:MRU) posted adjusted earnings of $1.07 per share, five cents higher than analysts had expected. Overall sales were up 1.7% year over year, rising to $2.55 billion from $2.51 billion and Metro shares were up $1.58 or 2.46% to $65.86.In the U.S., Yahoo’s earnings per share ex-items were 38 cents, a penny higher than analyst forecasts and its shares jumped $2.14 or 6.26% to $36.35. Net earnings were US$312 million, or 29 cents per share compared with $390 million or 35 cents per share a year earlier.After the close, Google disappointed, posting earnings per share ex-items of $6.26, 15 cents short of estimates. Revenue of $15.42 billion was short of the $15.54 billion that analysts expected and its shares fell 5% in after-hours trading.Prices for metals rose in the wake of the Chinese economic data with May copper up four cents to US$3.06 a pound and the base metals sector gained 1.19%.The energy sector rose 1.5 cent even as the May crude contract shed most early gains as data showed that U.S. inventories rose more than four times the amount expected last week to 10 million barrels. Oil inched up a penny to US$103.76 a barrel.The gold sector slipped about 0.3% as June bullion gained $3.20 to US$1,303.50 an ounce.There was a major acquisition in the gold sector that will see Yamana Gold Inc. (TSX:YRI) and Agnico Eagle Mines (TSX:AEM) jointly acquire 100% of Osisko Mining (TSX:OSK) in a cash and stock deal worth $3.9 billion. The companies are paying Osisko $8.15 a share. The offer represents an 11% premium to a hostile bid for Osisko that had been mounted by Goldcorp (TSX:G).“You’re going to see a lot of this kind of mergers and acquisitions because the price of gold has dropped by so much and a lot of these companies now are not expanding based on any more gold in the ground — they’re having to acquire other companies to expand,” Small said.TOP STORIESRCMP arrest 19-year-old in Heartbleed theft of 900 SINs from CRA websiteRate cut not off the table as economic risks linger, says Bank of Canada’s PolozYamana, Agnico Eagle to buy Osisko in $3.9-billion friendly dealEconomic impact of Canada’s housing slowdown will be felt broadly, says Scotiabank economistWHAT’S ON DECK THURSDAYCANADA8:30 a.m.Consumer Price Index (March): Economists expect 0.4% rise from month before, 1.4% year over year UNITED STATES8:30 a.m.Weekly jobless claims: Economists expect 315,000 new claims, up from last week 10 a.m. Philadelphia Fed Index (April): Economists expect a reading of 10, up from last month CORPORATE NEWSUNITED STATESBlackRock, Inc. Q1 earnings: Analysts expect US$4.14  a share Chipotle Mexican Grill Inc Q1 earnings: Analysts expect US$2.85 DuPont  Q1 earnings: Analysts expect US$1.59 General Electric Co.   Q1 earnings: Analysts expect 32¢ Goldman Sachs  Q1 earnings: Analysts expect US$3.44 Honeywell  Q1 earnings: Analysts expect US$1.26 Mattel Q1 earnings: Analysts expect 9¢ Morgan Stanley Q1 earnings: Analysts expect 60¢ PepsiCo  Q1 earnings: Analysts expect 75¢ Philip Morris International Q1 earnings: Analysts expect US$1.16 Sherwin-Williams Q1 earnings: Analysts expect US$1.10 Union Pacific  Q1 earnings: Analysts expect US$2.37