Stocks Continue on Torrid Pace

Shopify Shines Brightest

Equities north of the border leaped midday on Tuesday, led by rate-sensitive technology and energy stocks, as a pause in bond yields increased appetite for riskier equities after a selloff in the last quarter.

The TSX Composite saw its climb continue 503.1 points, or 2.7%, to pause for lunch Tuesday at 19,384.29.

The Canadian dollar regained 0.38 cents to 73.76 cents U.S.

Technology led the attack, with the sector getting a boost from jump of $4.79, or 12.7%, in shares of Shopify, which moved into noon hour at $42.59.

ON BAYSTREET

The TSX Venture Exchange sprinted 14.95 points, or 2.5%, to 622.93.

All 12 TSX subgroups climbed by lunch hour, as information technology popped 5.5%, energy surged 4%, and health-care improved 3.6%.

ON WALLSTREET

Stocks surged Tuesday as Wall Street built on a sharp rally seen in the previous session and bond yields continued to fall.

The Dow Jones Industrials skyrocketed 751.92 points, or 2.6%, to 30,247.06.

The S&P 500 leaped 105.47 points, or 2.9%, to 3,783.90

The NASDAQ Composite hiked 357 points, or 3.3%, to 11,172.43.

All of the major averages are now each about 5% above their lows of the year. Tuesday’s gains also put the S&P 500 up 5.3% for the week and on track for its biggest two-day rally since March 2020

Sentiment on Tuesday also got a boost as shares of Credit Suisse traded 4% higher. Earlier in the week there were concerns regarding the bank’s financial health. The bank revealed it would provide updates to its strategy alongside its third-quarter numbers.

There were about 1.1 million fewer job openings than expected in August, the Bureau of Labor Statistics reported Tuesday.

Available positions totaled 10.1 million for the month, less than the 11.1 million FactSet estimate, according to the Job Openings and Labor Turnover Survey.

Treasury prices spiked, lowering yields to 3.62% from Monday’s 3.65%. Treasury prices and yields move in opposite direction.

Oil prices gained $2.86 to $86.49 U.S. a barrel.

Gold prices brightened $33.10 to $1,735.10 U.S. an ounce.