Canada's main stock index rebounded on Tuesday, following Friday's sharp decline due to renewed U.S.-China tensions that triggered profit-taking across the market.
The TSX vaulted 467.6 points, or 1.6%, to stop for lunch Tuesday at 30,318.49.
The Canadian dollar skidded 0.02 cents at 71.21 cents.
Markets in Canada were closed Monday for Thanksgiving.
In corporate developments, investment firm Brookfield said on Monday it would buy the remaining 26% stake in U.S.-based asset manager Oaktree Capital Management for about $3 billion.
Brookfield shares climbed $3.25, or 5.4%, to $63.54.
Bombardier added a new order from Comlux Aviation for its Global 8000 business jet to its backlog, the Canadian plane maker announced on Monday.
Bombardier acquired $4.06, or 2.1%, to $194.28.
Orla Mining jumped $3.45, or 22..4% to a record high of $18.87, after lifting annual consolidated production outlook to 285,000 ounces of gold from 265,000 ounces earlier.
On matters economic, Statistics Canada reported in August, the total value of building permits issued in Canada was down $139.2 million (-1.2%) to $11.6 billion.
ON BAYSTREET
The TSX Venture Exchange popped 28.44 points, or 2.9%, to 1,009.21.
All but one of the 12 TSX subgroups were higher midday Tuesday, led by gold, shinier 4.7%, materials, stronger 3.6%, and utilities, improving 1.9%.
Only telecoms sank, 1%.
ON WALLSTREET
The Dow Jones Industrial Average staged a big comeback on Tuesday, clawing back a drop of more than 600 points, as investors tried to look past the latest worries around U.S.-China trade.
The 30-stock index soared 286.08 points, or 1.9%, to move into Tuesday afternoon at 46,232.66
The S&P 500 index recovered 11.45 points to 6,666.17
The tech-heavy NASDAQ remained in the red 43.29 points, or 1.3%, to 22,651.32
The Dow was last up more than 100 points, or 0.3%. At its session lows, it fell 615.55 points. The S&P 500 and NASDAQ were well off their session lows as well, last down 0.2% and 0.6%, respectively.
Tech stocks such as Nvidia remained under pressure. However, as strong start to the earnings season serves as an encouraging sign that fundamentals remain strong.
Citigroup and Wells Fargo rose 3.4% and 7%, respectively, on better-than-expected earnings. JPMorgan and Goldman also beat estimates, but they fell more than 1%.
Stocks initially sold off after China moved to tighten its grip on global shipping, adding fuel to an already volatile global trade backdrop.
China imposed sanctions on five of South Korea’s Hanwha Ocean’s U.S. subsidiaries. This will forbid organizations and individuals in China from doing business with the affected companies. The move, the Chinese government said, aims at strengthening China’s security.
The move, the Chinese government said, aims at strengthening China’s security.
U.S. Treasury secretary Scott Bessent said Monday to the Financial Times that China’s recent action signals its economic weakness, add
Prices for the 10-year Treasury took off Tuesday, lowering yields to 4.04% from Monday’s 4.03%. Treasury prices and yields move in opposite directions.
Oil prices deleted 82 cents to $58.67 U.S. a barrel.
Gold prices took on $16.90 to $4,149.40 U.S. an ounce.
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