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Closing Bell TSX closes higher amid slew of earnings Fed says growth

TORONTO — Strong earnings reports from the consumer and information technology sectors helped push the Toronto stock market higher Thursday.Here are the closing numbersTSX — 14,651.87+68.76 0.47%S&P 500 —  1,883.95+5.62 0.30%Dow — 16,580.84+45.47 0.27%Nasdaq — 4,114.56 +11.01 0.27%The S&P/TSX composite index gained 68.76 points to 14,651.87.The Canadian dollar was down 0.08 of a cent at 91.24 cents US.U.S. indexes were higher as the Federal Reserve wrapped its two-day interest rate meeting and judged the American economy strong enough to allow further easing of the central bank’s bond purchases, cutting the monthly purchases by another $10 billion to $45 billion.The Fed also reaffirmed its plan to keep short-term interest rates low to support the economy “for a considerable time” after its bond purchases end, likely late this year.It also said that growth in economic activity has picked up recently.That assessment came on the same day that data came out showing U.S. economic growth for the first quarter fell far short of expectations as a result of severe winter weather. Gross domestic product grew by only 0.1%, against the 1.2% annualized gain that had been expected.The Dow Jones industrials climbed 45.47 points to a fresh record high close of 16,580.84, the Nasdaq gained 11.02 points to 4,114.56 while the S&P 500 index rose 5.62 points to 1,883.95.It was a heavy day for Canadian earnings news as Loblaw Cos. Ltd. (TSX:L) said adjusted net earnings went up by 3.7% to $139 million or 49 cents a share in the first quarter, beating estimates of 46 cents. The grocer also boosted its dividend about 2.1% to 24.5 cents a share and its stock was up $1.85 or 4% to $47.65.Analysts note the positive showing comes after the company spent heavily in recent years on consultants and IT groups to put in systems to better track inventory.“So for the last two or three years, they were running kind of below expectations because of that heavy spending,” said Wes Mills, chief investment officer Scotia Private Client Group.“And that’s all behind them now, so they’re clearly better able to execute and then increasingly the focus now is on their acquisition of Shoppers Drug Mart as well.”Barrick Gold Corp. (TSX:ABX) posted a steep drop in its first-quarter adjusted net earnings to US$238 million, or 20 cents per share, from US$923 million, or 92 cents per share a year ago due to a decrease in metal prices and lower gold sales volumes.Results beat analyst estimates by a penny. Revenues were US$2.6 billion compared with $3.4 billion for the comparable year-earlier period. Its shares dipped 22 cents to C$19.13 amid lower gold prices Wednesday.The information technology sector also lifted the TSX after IT services company CGI Group (TSX:GIB.A) said adjusted net earnings were up 28.6% at $229.6 million, or 72 cents per diluted share, beating analysts’ expectations of 68 cents and its shares jumped $1.44 or 3.78% to $39.52. Revenues were up 7% to $2.7 billion.The TSX base metals sector edged 0.58% higher while July copper moved five cents lower to US$3.03 a pound. The energy sector was down 0.65 cent with June crude in New York losing $1.54 to US$99.74 a barrel.The gold sector declined 0.79% as June bullion ticked 40 cents lower to US$1,295.90 an ounce.In the U.S., Twitter shares plunged 9.13% in New York. The social networking site’s quarterly earnings and revenue surpassed analyst expectations but investors were disappointed over Twitter’s growth in users, which came in at 255 million monthly users, about two million lower than analyst consensus.TOP STORIESU.S. Fed cuts bond buying by US$10-billion, saying economy has picked upOttawa mulls Keystone XL challenge under NAFTA after U.S. dodges decision againGap between Canada’s oil-rich west and struggling east becoming a yawning chasmThe U.S. economy barely grew at all in the first quarterHockey matters! NHL’s hiatus takes a bite out of Canada’s GDPWHAT’S ON DECK THURSDAYCANADA9:30 a.m.RBC Manufacturing PMI (April) UNITED STATES8:30 a.m.Weekly jobless claims: Economists expect 320,000 new claims Personal income and consumption: Economists expect 0.4% rise in income, 0.6% rise in spending 8:45 a.m.Markit manufacturing PMI (April): Economists expect a reading of 55.4, flat with last month 10 a.m.ISM Index (April): Economists expect reading of 54.3, up from last month Construction spending (March): Economists expect 0.5% rise CORPORATE NEWSCANADAAgnico Eagle Mines Ltd    Q1 earnings: Analysts expect 23¢ a share Bombardier Inc Q1 earnings: Analysts expect 8¢ a share Brookfield Residential Ppty Q1 earnings: Analysts expect 26¢ a share Eldorado Gold Corp     Q1 earnings: Analysts expect 4¢ a share Fairfax Financial Holdings Q1 earnings: Analysts expect $32.57 a share First Quantum Minerals Ltd Q1 earnings: Analysts expect 24¢ a share Goldcorp ‘a’ Q1 earnings: Analysts expect 14¢ a share Imperial Oil Limited    Q1 earnings: Analysts expect $1.17 a share Macdonald Dettwiler & Assoc Ltd Q1 earnings: Analysts expect $1.36 a share Manulife Financial Corp    Q1 earnings: Analysts expect 37¢ a share Maple Leaf Foods Inc Q1 earnings: Analysts expect a loss of 15¢ a share Penn West Petroleum Ltd Q1 earnings: Analysts expect 11¢ a share UNITED STATESCME Group Inc.  Q1 earnings: Analysts expect 83¢ a share ConocoPhillips  Q1 earnings: Analysts expect $1.56 a share Expedia, Inc. Q1 earnings: Analysts expect 15¢ a share Kellogg Co. Q1 earnings: Analysts expect 97¢ a share Kraft Foods Group Inc  Q1 earnings: Analysts expect 76¢ a share MasterCard Inc. Q1 earnings: Analysts expect 72¢ a share Marathon Petroleum Corp. Q1 earnings: Analysts expect $1.06 a share Motorola Solutions, Inc. Q1 earnings: Analysts expect 50¢ a share Southwestern Energy Q1 earnings: Analysts expect 62¢ a share Western Union Co.  Q1 earnings: Analysts expect 35¢ a share read more

Jesus the divine inspiration for the fashion world

first_imgA fresco from a chapel in northern Italy depicts the ‘Judas kiss’Credit:AP Photo catwalk-chaplain Shrugging off the “sackcloth and ashes” image of clergy’s puritan forebears, it argues that – despite criticism of the industry over size zero models and cases of sweatshop factories – fashion and design are ultimately an expression of God-given creativity.In one extract, the Church’s de-facto catwalk chaplain says fashion designers have told him that they draw inspiration from church interiors, stained glass windows and even  Jesus’s cloaks. The Rev Peterson Feital, the Diocese of London’s “Missioner to the Creative Industries”, said  many had been drawn to the “beautiful clothes” Jesus is often depicted wearing.“Designers ask me about fashion,” said the Brazilian-born Rev Feital, who also runs “Haven+” a charity working with people in the fashion and entertainment industries. A stained glass window at Rochester Cathedral depicts the resurrection of Jesus A fresco from a chapel in northern Italy depicts the 'Judas kiss' Admittedly, his face has adorned more religious imagery than any other in history.But now Jesus is being put forward as an icon of an entirely different sort – in the world of fashion.The Church of England has given its blessing to London Fashion Week with an official video making the Biblical case for the clothing industry. The Rev Peterson Feital Stained glass church windows have inspired fashion designersCredit:Duncan Lomax/Ravage Productions Want the best of The Telegraph direct to your email and WhatsApp? Sign up to our free twice-daily  Front Page newsletter and new  audio briefings. “They are all so interested when they walk into a church building or a cathedral and they see the stained glass windows and what they see there are beautiful figures and Jesus wearing beautiful clothes – a cloak and all that kind of stuff.“So right there in the centre of our worship there are so many elements in which fashion belongs in that conversation between church and culture.” Stained glass church windows have inspired fashion designers Simon Ward, a former chief operating officer of the British Fashion Council, said that despite questions about how aspects of the industry operate and the “image it conveys”, he was convinced fashion itself is divinely inspired.“He’s a God of creativity, and fashion is just one of those areas that really focuses on creativity,” he said.“And what did He do first? He created the seasons, so the idea that fashion changes a lot again I think reflects God’s heart. “All the way through the Bible clothing and fashion imagery jump out of the pages at us. In the New Testament the first Christian in Europe was Lydia, a dealer in purple cloth … The image we get of Jesus in heaven is what he’s wearing, with a gold sash around his chest, and then the New Jerusalem comes down; what are we told about it? – ‘dressed as a bride’.“So I think God and fashion really are closely linked and if we think that they’re not we’re getting it wrong.” A stained glass window at Rochester Cathedral depicts the resurrection of JesusCredit:Luke MacGregor/Reuterslast_img read more