Equities the world over recovered from early losses to mount comebacks Tuesday afternoon, digesting positive vibes from a speech by
U.S. Federal Reserve Chair Janet Yellen.
The S&P/TSX Composite recovered 29.45 points to add to Monday’s all-time high at 15,786.03
The Canadian dollar was unchanged at 76.50 cents U.S.
Health-care issues led the pack, pulled upwards by the performance of Valeant Pharmaceuticals, up $1.26, or 6.4%, to $20.86, while Concordia International added eight cents, or 2.5%, to $3.33.
Baytex Energy led a clutch of stocks in the oil patch upward, gathering 16 cents, or 3.1%, to $5.30, while MEG Energy picked up 17 cents, or 2.6%, to $6.68.
Utilities were in the red Tuesday, as Algonquin Power & Utilities docked five cents to $11.82, while Fortis Inc. let go of 67 cents, or 1.6%, to $42.01.
Among gold stocks, Barrick Gold unloaded 20 cents to $25.18, while Kinross Gold docked three cents to $5.15.
In the materials sector, Copper Mountain Mining shed two cents, or 1.5%, to $1.28, while Teck Resources went south 65 cents, or nearly 2%, to $32.67.
Yellen said the Fed will probably need to raise interest rates at an upcoming meeting, although she mentioned considerable uncertainty over economic policy under the Trump administration.
ON BAYSTREET
The TSX Venture Exchange stumbled 1.92 points to 835.32
The 12 subgroups were evenly split Tuesday between those headed upward and downward. Health-care led the latter half-dozen, vaulting 2%, while energy gushed 0.8%, and consumer discretionary stocks hiked 0.7%.
The six laggards were weighed most by utilities, down 0.8%, gold, sliding 0.7%, and materials, off 0.4%.
ON WALLSTREET
U.S. equities closed higher Tuesday, posting new record highs, as investors digested testimony from the top Federal Reserve official.
The Dow Jones Industrials pulled ahead 92.25 points from Monday’s all-time high to 20,504.41, with Goldman Sachs leading advancers and Verizon lagging.
The S&P 500 gained 9.33 points to 2,337.58, with financials leading four sectors higher and utilities lagging, notching its 15th record close since Nov. 8.
The NASDAQ picked up 18.62 points to 5,782.57, as Apple reached an all-time intraday high.
Janet Yellen said in prepared remarks that waiting too long to raise interest rates would be "unwise," given the rise in inflation and economic growth.
The NFIB small business index, which measures small-business confidence, hit 105.9, the best read since December 2004.
Prices for the benchmark 10-year Treasury note faded, raising yields to 2.47% from Friday’s 2.43%. Treasury prices and yields move in opposite directions.
Oil prices gained 24 cents to $53.17 U.S. a barrel
Gold prices added $3.40 to $1,229.20 U.S. an ounce.
