Canada's main stock index rose on Tuesday, led by shares in the tech sector
The S&P/TSX Composite Index chugged ahead 99.31 points to greet noon Tuesday at 15,508.78
The Canadian dollar took on 0.33 cents to 77.32 cents U.S.
One of the top percentage gainer on the TSX was Gibson Energy, which jumped $1.54, or 7.4%, to $22.39, after the oilfield service provider announced the sanction of one million barrels of new tankage at the Hardisty Terminal.
Turquoise Hill Resources fell 13 cents or 5.1%, the most on the TSX, to $2.42, after the gold miner announced third quarter gold production update.
The financials sector rose, as TMX Group led the group with a gain of $1.43, or 1.7%, to $83.83 followed by a rise of three cents in ECN Capital Corp. to $3.42.
The Bank of Canada said on Monday, in its quarterly survey of business, that companies reported rising pressure on capacity, labour and prices amid signs of stronger sales.
The central bank has raised rates four times since July 2017 and most market players expect another hike on Oct. 24. Governor Stephen Poloz said in late Sept. that he did not want to let inflation momentum build.
On the economic calendar, Statistics Canada reported that foreign investment in this country slowed to $2.8 billion in August, down from $15.3 billion in July.
At the same time, the agency says, Canadian investors reduced their holdings of foreign securities by $194 million as they acquired bonds but sold equities.
ON BAYSTREET
The TSX Venture Exchange sank 7.99 points, or 1.1%, to 703.37
All but two of the 12 subgroups gained ground, as information technology sprang up 2.2%, energy gushed 1.1%, and communications hiked 0.8%.
The two laggards were health-care, ailing 1.3%, while gold dulled in price 0.3%.
ON WALLSTREET
Stocks rose sharply on Tuesday after the release of strong quarterly results from some of the largest U.S. companies helped the market recover from last week's selloff.
The Dow Jones Industrials surged 362.93 points, or 1.4%, to break for lunch at 25,613.48, with UnitedHealth outperforming.
The S&P 500 recovered 40.76 points, or 1.5%, to 2,791.55, as the tech and health care sectors jumped more than 2% each.
The NASDAQ popped 146.29 points, or 2%, to 7,577.04
Morgan Stanley jumped more than 4% after reporting better-than-expected earnings. Goldman Sachs' profits also beat estimates, sending the stock up 1.6%. Dow-members Johnson & Johnson and UnitedHealth both posted better-than-expected earnings.
BlackRock posted mixed quarterly results, as earnings topped estimates while sales missed.
Investors will turn their eyes to Netflix after the close on Tuesday, as the company releases its quarterly results. In the previous earnings season, the streaming giant fell sharply as its subscriber growth was less than expected.
Investors came into the earnings season with high hopes. Analysts polled by FactSet expect third-quarter S&P 500 earnings to have grown by 19%
However, Dow-component Walmart slashed its fiscal 2019 earnings forecast on Tuesday, citing its Flipkart acquisition. The earnings season comes as Wall Street tries to recover from sharp losses seen last week.
In data, job openings hit a record by surging above seven million in August, according to the U.S. Labor Department.
Prices for the benchmark for the 10-year U.S. Treasury fell back, boosting yields to 3.16% from Monday’s 3.15%. Treasury prices and yields move in opposite directions.
Oil prices sank three cents at $71.75 U.S. a barrel.
Gold prices acquired $1.10 to $1,231.40 U.S. an ounce.
