Stocks in Canada’s largest centre staged a mighty comeback before Tuesday’s closing bell, following a recovery in energy and industrial stocks.
The S&P/TSX composite index gained 30.93 points to end the day at 14,624.50. The index had been down more than 150 points at some points this morning.
The Canadian dollar slipped 0.35 cents to 78.68 cents U.S.
Utilities fared particularly well Tuesday, especially Fortis Inc., up $1.12, or 3.1%, to close at $36.78, while Algonquin Power & Utilities climbed 18.5 cents, or nearly 2%, to $9.56.
Energy shares also roared ahead, with RMP Energy spiking 13 cents, or 6.3%, to $2.20, and Gran Tierra Energy, soaring 18 cents, or 5.3%, to $3.60
Industrials were also strong, as WSP Global gained 88 cents, or 2.2%, to $40.32, and Westshore Terminals Investment tacked on 57 cents, or 1.9%, to $30.04.
Gold stocks, on the other hand, took it on the chin, as China Gold International tumbled 15 cents, or 7.5%, to $1.84, and New Gold collapsed 26 cents, or 7.3%, to $3.28.
Metals and mining stocks took their lumps as well, as First Quantum Minerals sank 97 cents, or 6.1%, to $14.87, and HudBay Minerals lost 49 cents, or 4.8%, to $9.70.
Fission Uranium was the most actively traded stock, gaining five cents, or 5.2%, to $1.02, on 9.8 million shares.
On the economic beat, Statistics Canada reported this morning that our country’s exports declined 0.6% in May while imports edged up 0.2%. As a result, Canada's merchandise trade deficit with the world widened from $3.0 billion in April to $3.3 billion in May.
ON BAYSTREET
The TSX Venture Exchange remained negative 10.5 points to close at 652.83.
Eight of the 14 TSX subgroups had turned positive by the close, led by utilities and energy, each up 1.4%, while industrials improved 0.8%.
The half-dozen laggards were anchored mostly by gold, down 3%, materials, sliding 2.7%, and metals and mining, off 2.1%.
ON WALLSTREET
U.S. stocks closed higher on Tuesday after a choppy trading session as investors eyed developments in the Greece debt crisis and the start of corporate earnings season.
The Dow Jones Industrials recovered 93.33 points to 17,776.91, with E.I. du Pont leading decliners and Coca-Cola and Procter & Gamble the biggest advancers.
The S&P 500 index restored 12.35 points to 2,081.11. The index fell below its 200-day moving average for its first time since October 20 before regaining steam late in the afternoon.
The NASDAQ also recovered, eking out a gain of 4.04 points to 4,995.98, after spending much of the day deep in the red.
Companies reporting earnings this session include The Container Store.
Carnival announced Tuesday that it gained approval from the U.S. government for limited cruises to Cuba as early as next year.
In U.S. economic data, May international trade numbers showed that the U.S. trade deficit widened, fueled by a drop in exports.
JOLTs job openings data came in slightly higher for May than the previous month.
The U.S. Reserve is to release its meeting minutes Wednesday afternoon.
The International Monetary Fund reiterated that the Fed should not raise interest rates until 2016 on Tuesday.
Euro-zone leaders are holding an emergency summit in Brussels to discuss Greece.
However, the government's latest proposals differ only slightly from previous versions, German media reported.
Prices for 10-year U.S. Treasuries rose, lowering yields to 2.27% from Monday’s 2.29%. Treasury prices and yields move in opposite directions.
Oil prices recovered 41 cents a barrel to $52.94 U.S.
Gold prices shuddered $17.60 at $1,155.60 U.S. an ounce.
