The good times continue to roll for North American stock markets, as strength in telecoms and health-care carried the day Tuesday here in Canada.
The S&P/TSX Composite Index grew 56.3 points to close Tuesday at 15,292.97
The Canadian dollar was unchanged at 81.44 cents U.S.
Telecoms proved the gold medalist on Tuesday, as BCE Inc. shares climbed 55 cents to $58.88, while rival Rogers Communications jumped $1.08, or 1.7%, to $64.74.
Among health-care issues, Canopy Growth Corp. took on 21 cents, or 2%, to $10.77, and Aphria Inc. acquired 12 cents, or 1.8%, to $6.87
Materials fared well also, as Teck Resources moved forward 12 cents, or 2.2%, to $26.92, while Potash Corporation of Canada gained 14 cents to $23.73.
Only utilities missed the party, as Hydro One surrendered nine cents to $22.61, and Fortis Inc. dipped 22 cents to $44.54.
On the economic slate, Statistics Canada reported that manufacturing sales decreased 2.6% to $52.5 billion in July, following a 1.9% decline in June.
ON BAYSTREET
The TSX Venture Exchange eked up 0.97 points to conclude Tuesday at 777.75
All but one of the 12 TSX subgroups were positive to end the day, with telecoms ahead 1%, while health-care and materials each gained 0.6%.
The lone holdout was in utilities, down 0.1%.
ON WALLSTREET
U.S. equities rose on Tuesday as the Federal Reserve kicked off a two-day monetary policy meeting.
The Dow Jones Industrials gained 39.45 points on top of Monday’s all-time high to 22,370.80, 41st record close of the year, as Verizon and Goldman Sachs contributed the most to the gains.
The S&P 500 tacked on 2.78 points above Monday’s all-time record to 2,506.65, with telecommunications and financials leading advancers.
The NASDAQ added 6.68 points to Monday’s all-time peak, closing at 6,461.32
The Fed is not expected to raise rates following its meeting. However, many market participants believe the central bank will announce the unwinding of its massive $4.5-trillion portfolio.
The U.S. central bank has already raised interest rates twice this year and it expects to hike once more before year-end. Market expectations for a December rate hike rose to 58.3% on Tuesday on strong imports data.
U.S. import prices posted their biggest gain in seven months in August amid a spike in petroleum costs.
Wall Street also looked to the United Nations, where U.S. President Donald Trump tried to rally members to confront threats like North Korea. In a speech to the U.N. General Assembly, Trump said "North Korea's reckless pursuit of nuclear weapons and ballistic missiles threatens the entire world with unthinkable loss of human life."
Prices for the benchmark 10-year Treasury note moved downward, raising yields to 2.25% from Monday’s 2.23%. Treasury prices and yields move in opposite directions.
Oil prices fell 30 cents a barrel to $49.61
Gold prices strengthened $4.10 to $1,314.90 U.S. an ounce
