Oct. 29, 2009 (Baystreet.ca) --

Toronto stocks rallied on Thursday morning, recovering some of the sharp losses seen in yesterday's trading. Resource stocks led the recovery as commodities bounced back. At the noon break, the S&P/TSX composite index had leaped 185.95 points, or 1.7%, to 10,991.28. Mining stocks are up as the price of copper jumped 7.8 cents on the Comex. HudBay has led the rally with an 11% surge, while First Quantum has gained 6.2%. Teck Resources has added 5.3% after the company's net earnings for the third quarter increased to $609 million, or $1.06 per share, from $424 million, or $0.95 per share, in the same period last year. Lundin Mining Corp. has dropped 0.5% after the company said its third-quarter net income was $3.7 million U.S. or $0.01 U.S. per share compared with a loss of $199.0 million U.S. or $0.51 U.S. per share in the prior year period. Richmont Mines is down 0.7% after the company reported third-quarter net earnings were $183,000 or $0.01 per share versus a loss of $894,000 or $0.04 per share in the last year. Materials and gold stocks have added strength, as Iamgold has rallied 7.2% and Eldorado has gained 4.5%. Barrick Gold has gained 5.4% after the company reported its adjusted third quarter net income was $473 million U.S. or $0.54 U.S. per share, compared to $404 million U.S. or $0.46 U.S. per share in the year-ago quarter. The Energy Index has climbed, as Suncor is up 3%, Canadian Natural Resources has gained 2.6% and Encana is up 2.1%. In other corporate news, MacDonald, Dettwiler and Associates is up 1.25% after the company reported third-quarter net earnings of $29 million or $0.70 per share compared with $242,000 or $0.01 per share in the year-ago period. TransAlta Corp. has dropped 2.1% after the company announced it reached a deal to sell 18.65 million common shares. The purchase price of $20.10 per common share would result in gross proceeds of approximately $375 million. On the economic front, the Industrial Product Price Index fell 0.5% and the Raw Materials Price Index dropped 1.1% in September compared to August, according to Statistics Canada. The Canadian dollar regained 1.01 cents to 93.51 cents U.S. ON BAYSTREET All but one of the 14 TSX subgroups were in the green by midday. Metals and mining remained the leader, charging ahead 5.7%, followed by global base metals, advancing 5% and materials, up 3.9%. Only utilities missed out on the revelry, losing 1.2%. The TSX Venture Exchange was up 22.89 points to 1,286.30, while the Nasdaq Canada index picked up 16.15 points to 659.49. ON WALLSTREET In New York, a stronger-than-expected report on economic growth in the third quarter fired up an early Thursday advance on Wall Street, giving investors an incentive to jump back in after three down days. The Dow Jones Industrials hurtled 116.91 points to 9,879.60. The S&P 500 index added 15.05 points to 1,057.68. The Nasdaq composite index gained 29.08 points to 2,088.69. The Dow and S&P ended three of the last four sessions lower, and the Nasdaq declined in all four, as investors turned cautious after a seven-month stock rally. Early enthusiasm about better-than-expected third-quarter profit gave way to questions about the strength of the economy, causing investors to pull back. The S&P 500 lost 5% between the rally peak on Oct. 19 and Wednesday's close. Both the better-than-expected GDP report and the sharp, short selloff gave stocks a boost Thursday. Exxon Mobil said its earnings plunged to 98 cents U.S. per share in the third quarter, compared to the year-ago EPS of $2.85 U.S. per share. Revenues totaled $82.26 billion U.S. in the third quarter, the oil company said. Shares fell 2% in the morning. Procter & Gamble reported a 3% gain in third-quarter diluted net earnings per share, to $1.06 U.S., but a 6% decline in net revenue, to $19.8 billion U.S., compared to the year-ago quarter. Shares jumped 4.6% in the morning. Thursday's GDP report showed a third-quarter annual gain of 3.5%. GDP was expected to have grown at a 3.2% annualized rate in the third quarter after shrinking at a 0.7% annualized rate in the second quarter. While a bounce seems impressive, it wouldn't necessarily signal a robust recovery for the economy. The government also released its weekly figures on initial jobless claims. For the week ended Oct. 24, jobless claims totaled 530,000, down 1,000 from the prior week's unrevised 531,000. Treasury prices lost ground, raising the yields for the benchmark 10-year note to 3.49% from Wednesday's 3.40%. Prices and yields move in opposite directions. The price of a barrel of oil surged $2.25 to $79.70 U.S. Gold prices increased $11 at $1,042 U.S. an ounce.