The U.S. benchmarks ended the day on a high note.
The Dow Jones industrial average was up more than 60 points.
Macy’s was up more than 10% to US$33.17 after reporting better-than-expected earnings and a rise in same-store sales.
The Nasdaq gained jumped nearly 50 points by the end of the day while the S&P 500 gained more than 10 points.
The top gainer on the TSX was mining company First Majestic Silver (NYSE:AG), which jumped nearly 4% to US$7.16.
The small-cap indices kept their heads above water throughout the day with the Russell 2000 and the S&P 600 up more than 1% by the closing bell.
2:45 PM: US stocks on the rise thanks to strong retail earnings
The U.S. benchmarks continued to rise throughout the afternoon.
The Dow Jones industrial average jumped more than 70 points after strong earnings from Macy's and a jump in Nike's (NYSE:NKE) share price.
The Nasdaq and the S&P 500 climbed slightly higher as well, both up by nearly 1%.
The TSX was flat this afternoon, balanced by gains in materials and losses in the energy sector.
The small-cap indices continued to rise with the Russell 2000 and the S&P 600 both up more than 1%.
10:00 AM: US benchmarks see slight morning gains as Macy’s boosts the Dow Jones Industrial Average
It was a positive start to the day for the U.S. benchmarks.
The Dow Jones Industrial Average was up about 20 points, boosted by Macy’s Inc (NYSE:M) positive first-quarter earnings. The retail giant saw shares jump more than 6% to US$31.82 in morning trading.
The Nasdaq and the S&P 500 saw minimal gains, both up less than a percent.
The small-cap indices were on the rise as well with the Russell 2000 and the S&P 600 both up less than a percent.
Canada’s futures were up slightly, boosted by manufacturing sales data. Finance Minister Bill Morneau will provide an update on Kinder Morgan’s Trans Mountain oil pipeline.
7:20 AM: US futures mixed as Wall Street gears up for host of economic data
US stocks closed lower yesterday and are seen starting mixed today as traders appear risk averse around global equity markets.
Wall Street awaits a host of economic data today, which could trigger some market movement though.
Analyst Craig Erlam at Oanda.com said: "US futures are flat ahead of the open on Wall Street on Wednesday, as we await a number of data points from the world’s largest economy and Italy closes in on a eurosceptic coalition government."
On the cards stateside Wednesday is data on US housing starts, building permits, capacity utilization and industrial production.
"The dollar is making gains again early in the session having pared gains late last week and has already set a new high for the year so far, ahead of the figures."
The Dow Jones closed down 193 points on Wednesday at 24,706, while the S&P 500 shed over 18 at 2,711. The tech heavy Nasdaq was down 59 at 7,351 amid increasing fears about mounting inflation.
In Asian markets overnight, the theme continued, with the Nikkei in Japan shedding over 100 points and the Shanghai Composite Index losing points to 3,169.
In London, FTSE 100 is up almost ten points at 7,733, while the German Dax is up 44, but the CAC 40 is down 0.25.