After turning lower over the course of the previous session, Canadian stocks have moved back to the upside during trading on Thursday.
The benchmark S&P/TSX Composite Index has moved steadily higher over the course of the morning and is currently up 91.30 points or 0.5 percent at 20,421.03.
The rebound on Bay Street may partly reflect optimism about tomorrow's monthly U.S. jobs report following the release of a report showing a modest drop in weekly jobless claims.
Chris Low, Chief Economist at FHN Financial, said the total number of unemployment recipients fell by 1.5 million between the June and July surveys, suggesting a "hefty" increase in employment in the Labor Department's closely watched monthly jobs report.
Energy stock have helped lead the rebound on the day, with the S&P/TSX Capped Energy Index surging up by 2 percent after plunging by 4.1 percent on Wednesday.
The sector is bouncing back along with the price of crude oil for September delivery, which is climbing $0.93 to $69.08 a barrel after tumbling $2.41 to $68.15 a barrel in the previous session.
Healthcare stocks are also regaining ground following a recent sell-off, driving the S&P/TSX Capped Health Care Index up by 3.3 percent.
Technology and financial stocks are also seeing some strength on the day, while gold stocks are moving lower along with the price of the precious metal.
On the economic front, a report from Statistics Canada showed Canada's merchandise trade balance swung to a surplus of C$3.2 billion in June from a C$1.6 billion deficit in May.
The return to a trade surplus came as exports spiked by 8.7 percent during the month, while imports fell by 1.0 percent.
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