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TSX heads higher

The Toronto stock market was higher amid relief over continued support for economic stimulus from the U.S. Federal Reserve and mixed commodity prices.

The S&P/TSX composite index was ahead 57.85 points to 12,626.62. The Canadian dollar slipped 0.02 of a cent to 96 cents US.

U.S. indexes were mixed amid a strong earnings report from the financial sector as Morgan Stanley beat expectations.

The Dow Jones industrials were 40.31 points higher to 15,510.83, the Nasdaq was down 0.96 of a point to 3,609.04 and the S&P 500 index gained 2.74 points to 1,683.65. Oil was up 41 cents at $106.89 a barrel

Elsewhere on the earnings front, Shoppers Drug Mart (TSX:SC), which is being acquired by Loblaw Cos. Ltd. (TSX:L) in a $12.4 billion deal, posted quarterly earnings of $147 million or 73 cents a share, one cent above expectations.

Traders will also take in a second day of congressional testimony from U.S. Federal Reserve chairman Ben Bernanke. Stocks rose yesterday after Bernanke said the Fed's timetable for reducing its bond purchases, a key element of economic stimulus, was not decided.

The Canadian Press

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