TSX May Extends Rally On Bank Earnings, $50 Crude Oil -- Canadian Commentary

(RTTNews) - Canadian stocks look to extend recent gains Thursday morning as crude oil smashed through the $50 a barrel mark.

Upbeat earnings from some of Canada's biggest banks may also keep Bay Street in a good mood.

Concerns about a likely U.S. interest rate cut could put a cap on the day's gains.

Royal Bank of Canada (RY.TO) posted fiscal second-quarter profit that beat analysts' estimates.

Also, CIBC (CM.TO) beat estimates on higher profit from retail. The bank hiked its dividend.

TD Bank (TD.TO) reported a better-than-expected 10 percent increase in its second-quarter profit.

Yesterday, Bank of Montreal's (BMO.TO) profit fell 3 per cent to $973 million due to a restructuring charge.

Crude oil for July was up 50 cents at $50.06 a barrel, adding to this week's strong advance.

A larger-than-expected weekly decline in US crude supplies fueled oil's mid-week rally.

On Wednesday, the S&P/TSX Composite Index rose 100.89 points, or 0.72 percent, to 14,053.74. The index touched its highest since last August.