TORONTO, Ont. – The Toronto stock market was positive in early trading, supported by strong earnings reports and dividend hikes by some of Canada’s biggest banks and rising commodity prices.

The S&P/TSX composite index points gained 10.3 points to 12,654.31 while the Canadian dollar rose 0.5 of a cent to 101.56 cents (U.S.).

TD Bank and Royal Bank posted lower net income, but shares in the two banks were up about one per cent as results beat expectations and both banks hiked their dividends.

Data showing rising American consumer spending and falling jobless insurance claims helped send the Dow Jones industrial average was up 55.09 points to 13,007.16.

The Nasdaq composite index rose 11.8 points to 2,978.69 and the S&P 500 index advanced 6.23 points to 1,371.91.

Oil gained 61 cents to $107.68 (U.S.) a barrel, helped by other data showing China’s manufacturing gained momentum last month.