Wall Street due to drop after rise in US inflation data

A surge in marquee technology companies pushed stocks higher again on Wall Street, giving the market its fifth gain in a row.

The Nasdaq composite advanced 107.47 points, or 1.6 percent, to 6,981.96. The S&P 500 increased 35.69 points, or 1.34 percent, to 2,698.63.

Canada's main stock index rose on Thursday as gains in the financial sector and shares of TransCanada Corp offset a decline in natural resource companies.

Advancing issues outnumbered decliners on the NYSE by 1,398 to 1,381.

Semiconductor stocks showed a significant move to the upside on the day, driving the Philadelphia Semiconductor Index up by 3.1 percent.

Based on a recent bid, this stock (QD) was trading at a distance of -58.93% from 52-week high and 28.51% away from its 52-week low price.

In economic news, U.K. consumer price inflation came in at 3 percent in January, the same rate as seen in December.

Apple has risen for five straight sessions, rebounding 15%, with above-average trade in four of those days.

TripAdvisor gained about 14 per cent after the company reported better-than-expected quarterly revenue.

One important reason why the US stock market might be done with panicking, at least for the moment, is the news from company reporting season in the States.

Comcast fell 3 cents to $38.54 while Disney added 30 cents to $103.39.

Fears of inflation and higher interest rates had sent the S&P 500 sharply lower at the start of February.

Regarding other stocks, S&P 500 e-minis ESc1 by 12.25 points, Dow e-minis 1YMc1 were up 139 points, and Nasdaq 100 e-minis NQc1 by 33.25 points. My desire to see the world has taken me to countries around the world and given me the opportunity to report for some of the top news organizations. Meanwhile, after jumping $10.60 to $1,331.50 an ounce in the previous session, gold futures are rising $2.50 to $1,328.90 an ounce.

Benchmark US 10-year Treasury note yields hit a four-year high, but a key measure of near-term volatility fell, in contrast to its reaction to strong US jobs and wages data earlier in the month.

The markets have also shaken off Wednesday's surprisingly strong inflation data.

Of the 70 per cent of the S&P 500 companies that have reported earnings, nearly 78 per cent of them topped profit expectations, according to Thomson Reuters data.

The overall economy, as measured by the gross domestic product, grew at a solid 2.6 percent annual rate in the final three months of last year.

The stock weighed on the energy sector, which lost 0.9 per cent.

"The CPI shows there is some inflation, but it was not through the roof", said Bruce Bittles, chief investment strategist at Robert W. Baird & Co in Nashville.

The Labor Department said consumer prices, excluding food and energy, rose 0.3 percent last month.

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