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HomeBusiness ReportAFTER THE BELL: Bombardier soars on robust earnings, Dow drops on news...

AFTER THE BELL: Bombardier soars on robust earnings, Dow drops on news of flagging retail sales

The TSX soared higher today, on the back of plane-and-train-making giant Bombardier.

The exchange gained 69 points with Bombardier leading the charge by jumping 23 percent.

Bombardier was the second most heavily traded company on the index after reporting a fourth quarter profit of $55 million US, compared to a loss the previous year.

The company also noted that it ended the year in a “solid cash position,” with $3.2 billion in cash and cash equivalents.

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It was an all-around positive day on Bay Street, which saw increases in 10 of 11 sectors with tech and industrials leading the gains.

Canadian energy companies nudged into the green as oil prices rose 61 cents to $54.51 US on continued hopes of a breakthrough in U.S./China trade negotiations.

In New York, it was a mixed bag on Wall Street with the Dow losing 103 points and the Nasdaq up by six points near the final bell.

Investors were absorbing downbeat news from America’s retail sector, with Bloomberg reporting that retail sales stateside dropped 1.2 percent in December, marking their biggest drop since September 2009.

The tech sector held the markets up, led by rises of two percent or more in shares of Netflix and Electronic Arts.

Meanwhile, a surprise drop in manufacturing sales impacted the value of the Canadian dollar. Stats Canada reported today that revenue declined for the third consecutive month, down 1.3 percent in December on lower sales of petroleum and coal products.

Excluding this industry, manufacturing sales declined 0.3 percent.

The loonie fell to its lowest level in three weeks, losing another 22/100ths of a cent to $0.7521 while gold was flat, edging up 30 cents to $1,312 an ounce.

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