While American stocks were taking time off from their recent lofty climb, their Canadian cousins resume theirs, adding more positive vibes to Tuesday’s mix, notably on the strength of health and tech issues.
The S&P/TSX Composite was firmly in the green by the close, 78.36 points, to 18,408.62.
The Canadian dollar gained 0.24 cents to 78.74 cents U.S.
Health-care led the charge upward, though the gaining groups were in a minority, with Aphria storming up $5.81, or 24.1%, to $29.96, while Canopy Growth jumped $6.61, or 11.9%, to $62.33.
Among tech concerns, Shopify scaled the heights $97.61, or 5.7%, to $1,815.55, while Quarterhill Inc. garnered five cents, or 1.7%, to $2.98.
Industrials were also positive, with SNC-Lavalin hiking $2.76, or 12.1%, to $25.85, while TFI International ahead $6.83, or 7.3%, to $100.04.
Utilities faded with Boralex down $1.75, or 3.5%, to $48.68, while Northland Power sagged 79 cents, or 1.6%, to $49.50.
Among gold issues, Wesdome Gold dipped 20 cents, or 2.2%, to $9.09, while Yamana Gold gave back 12 cents, or 1.9%, to $6.24.
Consumer staples also faded, with Alimentation Couche-Tard off 61 cents, or 1.5%, to $39.01, while Metro lost 46 cents to $54.51.
ON BAYSTREET
The TSX Venture Exchange faded 6.56 points from its recent high levels to 1,071.29.
Seven of the 12 TSX subgroups ended the session negative, as utilities dumped 0.7%, gold dulled in price 0.6%, and consumer staples faded 0.5%.
The four gainers were led by health-care, sprinting 7.9%, information technology, ahead 1.2%, and industrials, up 0.3%.
Consumer discretionary stocks were unchanged by the closing bell.
ON WALLSTREET
U.S. stocks held steady on Tuesday as the market’s blistering rally in February took a pause.
The Dow Jones Industrials faded 10.72 points south of breakeven to finish the day at 31,375.04, ending after a six-day winning streak.
The S&P 500 sank 4.3 points to 3,911.29.
The NASDAQ Composite added to its all-time record, 20.06 points to 14,007.70. Facebook and Netflix rose more than 1% each, while Microsoft and Alphabet also traded in the green.
Investors could be taking some chips off the table following a strong rally boosted by optimism for a smooth reopening amid the COVID vaccine rollout. Cyclical sectors, which had outperformed in recent weeks, led the declines. Energy fell 2.4%, paring its month-to-date gains to 10%. Financials dipped 0.5% after rallying more than 7% this month.
However, Bank of America said a market correction could be on the horizon as the recent runup has shown signs of overheating, but it will be a buying opportunity for equity investors.
Lawmakers in Washington appear to be moving closer to another economic relief bill. House Democrats on Monday unveiled the details of a relief proposal that included $1,400 direct cheques with faster phase-outs than previous bills. Many believe additional stimulus could help drive the stock market higher
Prices for 10-Year Treasurys gained, lowering yields to 1.16% from Monday’s 1.18%. Treasury prices and yields move in opposite directions.
Oil prices regained 36 cents to $58.33 U.S. a barrel.
Gold prices gained $1.80 to $1,836.00 U.S. an ounce.
