By: Baystreet Staff - Tuesday, January 26, 2016 Big Gains for TSX Tuesday 3M in Spotlight Advertisment Equity and oil prices rebounded on Tuesday on hopes oil producers would cut output to address the supply glut that has punished equity markets and pushed crude values to 12-year lows. The S&P/TSX composite index leaped 188.16 points, or 1.6%, to finish Tuesday at 12,331.32, after triple-digit losses Monday. The Canadian dollar regained one cent to 71.01 cents U.S. Metals issues did best, particularly Endeavour Mining, skyrocketing 96 cents, or 12.8%, to $8.46, while Teck Resources took on 30 cents, or 6.3%, to $5.09. Among the energy sector’s biggest risers were MEG Energy Corp., up 47 cents, or 11%, to $4.73, and Baytex Energy Corp, up 27 cents, or 11.2%, to $2.68. Canadian Natural Resources increased $1.52, or 6.1%, to $26.42, while Suncor Energy Inc. jumped $1.06, or 3.5%, to $31.00. Among gold issues, Barrick Gold gained 16 cents, or 1.2%, to $13.40, while Goldcorp collected 44 cents, or 3%, to $15.10. The Bank of Canada left its interest rates unchanged at its Jan. 20 meeting. The loonie has had gains or losses of at least 1% every day since, but pulled itself above 71 cents Tuesday against its American cousin. ON BAYSTREET The TSX Venture Exchange recovered 6.97 points, or 1.4%, to 489.58. All but one of the 13 TSX subgroups were higher, led by metals and mining, up 4.1%, energy, ahead 4%, and gold, up 3.4%. Consumer staples proved the lone holdout, fading 0.4%. ON WALLSTREET U.S. stocks rocketed higher Tuesday, helped by a bounce in oil and some earnings beats, ahead of the release of the Fed meeting statement Wednesday. The Dow Jones industrial average hurtled skyward 282.01 points, or 1.8%, to close Tuesday at 16,167.23, as 3M surged after reporting earnings that beat expectations. The S&P 500 regained 26.55 points, or 1.4%, to 1,903.63. Energy held nearly 3% higher to lead all S&P 500 sectors higher. The NASDAQ index gained 49.18 points, or 1.1%, to 4,567.67, as Apple reversed earlier losses to trade more than 1% higher Despite Tuesday's gains, the major averages are still lower by about 7% or more for the year so far and more than 10% below their 52-week intraday highs, in correction territory. 3M contributed the most to gains, followed by Goldman Sachs.3M traded about 5% higher after posting quarterly results that beat on both the top and bottom line. The conglomerate said recent restructuring moves have made its operation more efficient and positioned it for long-term success. Apple is scheduled to report after the closing bell, while DuPont, Procter & Gamble and Sprint were among those announcing results ahead of the open. DuPont reported earnings that beat by one cent, but revenue came in a touch below estimates due partly to the impact of a strong dollar. The chemical giant is in the process of merging with Dow Chemical, a deal the companies expect to complete in the second half of this year. Shares of DuPont held more than 1% higher in afternoon trade. Procter & Gamble rose about 2.5% after posting earnings that beat, on revenue that was essentially in line. The consumer products giant also gave 2016 revenue guidance that exceeded forecasts. American International Group traded more than 1% higher after the firm announced a restructuring plan that included spinning off its mortgage insurance unit and selling its broker-dealer network, but said a full breakup of the firm would detract from shareholder value. Activist investor Carl Icahn had called for a breakup of the company when he took a stake in AIG late last year. Freeport-McMoRan said it would look to reduce its hefty debt load and reported a lower-than-expected adjusted loss in the fourth quarter, squeezed by plunging commodity prices, oversupply and flagging Chinese demand. The stock held about 8.5% higher. Sprint, the number-four U.S. wireless carrier, reported a smaller quarterly loss, helped by cost cuts and higher number of subscriber additions. Shares held more than 20% higher in afternoon trade after plunging 12.2% Monday on news the firm is cutting at least 2,500 jobs as part of a $2.5-billion U.S. cost savings plan. The Federal Open Market Committee kicks off its two-day meeting Tuesday, and releases its statement Wednesday afternoon. No change in rates is expected but investors will be scrutinizing the statement for insight into policymakers' views on the economic environment and the future path of tightening. In economic news, the flash Markit Services PMI for January came in at 53.7, compared to the final 54.3 December print. Consumer confidence was 98.1, up from a slightly downwardly revised 96.3 in December. The January Richmond Fed Manufacturing Index registered at two points, versus six points in December. Earlier, the S&P/Case-Shiller 20-City Composite rose 5.8% year-over-year in November, topping expectations and faster than the 5.5% increase in October. The November FHFA House Price Index rose 0.5% from the previous month, or 5.9% year-over-year. Prices for the 10-year Treasury moved slightly upward, lowering yields to 2% from Monday’s 2.01%. Treasury prices and yields move in opposite directions. Oil prices improved 97 cents a barrel to $31.31 U.S. Gold prices hiked $13.96 to $1,121.86 U.S. an ounce.