Equities in Canada’s largest market hung onto gains, though sliding slightly off their high points of the day, led mostly by consumer staples and energy
The S&P/TSX Composite Index stayed buoyant 32.73 points to close at 15,745.19
The Canadian dollar slumped 0.29 cents at 73.71 cents U.S.
The United States said it will impose preliminary anti-subsidy duties averaging 20% on imports of Canadian softwood lumber, escalating a long-running trade dispute between the two neighbors.
Shares in West Fraser Timber, which would pay the highest duty rate of the affected companies, rose $4.94, or 8.8%, to $61.30, while Canfor Corp stock gained $1.43, or 7.9%, to $19.61.
Shares in Metro Inc. triumphed $2.90, or 6.9% to $45.18, after the retailer met earnings expectations and upped its dividend. Rival Loblaw gained $1.07, or 1.5%, to close at $74.75.
The energy group climbed, as oil prices slipped after recent sharp falls, with Canadian Natural Resources advanced $1.06, or 2.4%, to $45.33, while EnCana Corp. hiked 29 cents, or 2%, to $14.90.
Among consumer discretionary stocks, Canadian Tire picked up 61 cents to $167.16, while Ritchie Bros. Auctioneers soared 77 cents, or 1.8%, to $43.54.
Barrick Gold, the world's largest gold miner, fell $2.82, or 11%, to $22.89, after reporting weaker-than-expected earnings and slashing its forecast for output and hiking costs at its gold mine in Argentina. IAMGOLD shed 34 cents, or 5.9%, to $5.43.
Teck Resources doffed 75 cents, or 2.5%, to $28.84 after North America's largest producer of steelmaking coal reported lower-than-expected profit due to higher costs, lower production and sales volumes.
Capstone Mining dropped four cents, or 4%, to 95 cents.
ON BAYSTREET
The TSX Venture Exchange slouched 13.67 points, or 1.7%, to 804.39
Eight of the 12 TSX subgroups were higher, with consumer staples surging 1.8%, energy up 1.5%, and consumer discretionary stocks ahead 0.9%
The four laggards were weighed most by gold, tumbling 4.4%, while materials were off 2.6%, and utilities, sliding 0.3%.
ON WALLSTREET
U.S. equities rose sharply on Tuesday as solid quarterly reports from several large-cap companies rolled through.
The Dow Jones Industrial Average leaped 232.23 points, or 1.1%, to 20,996.12, with Caterpillar and McDonald's contributing the most gains.
The S&P 500 hiked 14.46 points to 2,388.61, with materials rising more than 1% to lead advancers.
The NASDAQ Composite hit a new all-time high, galloping 41.67 points to 6,025.49, and sending the index above 6,000 for the first time ever.
Earnings season rolls on, and accordingly, Caterpillar posted Earnings Per Share of $1.28 and sales of $9.822 billion, versus expected EPS of 62 cents and $9.271 billion revenue forecast.
McDonald's posted EPS of $1.47 and revenue of $5.68 billion, versus expected EPS of $1.33 and sales of $5.53 billion.
3M posted EPS of $2.16 and revenue of $7.685 billion, versus expected EPS of $2.06 and sales of $7.472 billion.
DuPont posted EPS of $1.64 and sales of $7.743 billion, versus expected EPS of $1.39 and revenue of $7.504 billion.
More than 190 S&P components are expected to have reported by the end of the week. Other big names scheduled to release quarterly results this week include Boeing, Amazon, Alphabet, Microsoft and General Motors.
However, investors also zeroed in on Washington, as President Donald Trump tried to avoid a government shutdown. Government funding will end Friday unless Congress can agree on at least a temporary funding resolution.
The Trump administration is also expected to release an outline to potential tax reform later this week. Tax reform expectations have been one of the key market drivers since the presidential election.
In economic news, U.S. home prices rose more than expected in February, according to new data from the S&P/Case-Shiller U.S. National Home Price Index.
The national home price index jumped 5.8% in February, while analysts were expecting home prices to climb by 5.7%.
New home sales hoisted 5.8% to 621,000 in March, stronger than expectations. Consumer confidence held at 120.3 for April.
Prices for the benchmark 10-year Treasury note fell, raising yields to 2.33% from Monday’s 2.27%. Treasury prices and yields move in opposite directions.
Oil prices regained 53 cents at $49.76 U.S. a barrel
Gold prices slid $12.40 at $1,265.10 U.S. an ounce.
