Equities in Toronto rebounded on Tuesday, as oil prices hit their highest levels in at least three years and technology shares jumped.
The TSX Composite recovered 52.22 points to settle into noon hour EDT at 20,104.47.
The Canadian dollar took on 0.07 cents to 79.49 cents U.S.
The Canadian index has gained 15% so far this year, led by hopes for a steady economic recovery from the pandemic-driven slump. However, the index recently lost its steam as worries around higher inflation and slowdown in economic growth rattled investor sentiment.
Vermilion Energy and Birchcliff Energy were the largest percentage gainers on the TSX. Vermilion shares 43 cents, or 3.3%, to $13.65, while Birchcliff gained seven cents, or 1.1%, to $6.71.
On the macroeconomic scale, Statistics Canada said our merchandise exports increased 0.8% in August, while imports decreased 1.4%.
That means Canada's merchandise trade balance with the world remained in a surplus position, widening from $736 million in July to $1.9 billion in August.
ON BAYSTREET
The TSX Venture Exchange gained 1.73 points to 861.89
Eight of the 12 TSX subgroups were up midday, with energy soaring 2.7%, while health-care galloped 1.4%, and information technology picked up 1.2%
The four laggards were weighed most by gold, down 1.2%, real-estate skidding 0.8%, and utilities sliding 0.5%.
ON WALLSTREET
Equities stateside got their mojo back mid-Tuesday after taking their lumps much of the past few days, due largely to renewed strength in tech issues.
The Dow Jones Industrials popped 464.64 points, or 1.4%, 34,467.56, earning back all of Monday’s losses.
The S&P 500 progressed 65.02 points to 4,365.48
The NASDAQ Composite jumped 229.84 points, or 1.6%, to 14,485.33.
Mega-cap technology names were solidly in the green on Tuesday. Netflix rose 3.5%, Amazon gained 1.6% and Apple and Alphabet advanced more than 1% each. Facebook shares rose 2% following a 5% slide on Monday due to a whistleblower’s claims and a site outage.
Energy stocks rose again as oil prices continued their climb. U.S. oil prices topped $79 per barrel on Tuesday. Exxon Mobil and ConocoPhillips each gained more than 1%. Chevron advanced 2.7%.
Stocks tied to the economic recovery, like cruise lines, airlines, retailers and banks, also rose alongside the broader market. American Airlines gained 1.8%, Norwegian Cruise Line popped 2.8% and Wells Fargo added 3%.
In Washington, lawmakers are still trying to agree to raise or suspend the U.S. borrowing limit and avert a dangerous first-ever default on the national debt. The Treasury Department warned last week that lawmakers must address the debt ceiling before Oct. 18 when officials estimate the U.S. will exhaust emergency efforts to honor its bond payments.
Still, some believe the outlook for equities remain robust after the weak September as the economy continues to rebound from the COVID crisis.
Prices for 10-year Treasurys sagged, raising yields to 1.53% from Monday’s 1.48%. Treasury prices and yields move in opposite directions.
Oil prices gained $1.40 to $79.02 U.S. a barrel.
Gold prices lost $6.20 to $1,761.40 U.S. an ounce.
