Equities on Canadian markets managed yet again to hold onto respectable gains Tuesday, as resource and financial concerns led the way.
The S&P/TSX Composite Index gained 23.51 points to close Tuesday at 15,728.51
The Canadian dollar improved 0.18 cents to 80.09 cents U.S
Gold issues shone brightest, as Detour Gold hiked 66 cents, or 4.8%, to $14.30, while IAMGOLD Corporation moved ahead six cents to $7.79.
Among materials, Hudbay Minerals gained 25 cents, or 2.6%, to $9.71, while First Quantum took on 49 cents, or 3.4%, to $14.97.
Among financials, National Bank of Canada improved 37 cents to $60.56, while Bank of Nova Scotia edged up 37 cents at $80.32.
Tech stocks lost some of their luster Tuesday, as BlackBerry slid 36 cents, or 2.5%, to $13.85.
Health-care also saw some profit-taking, as Aphria moved down 13 cents, or 1.8%, to $7.18, while Valeant Pharmaceuticals surrendered 41 cents, or 2.2%, to $17.92.
Industrials also put a damper on things, as Canadian National Railways backtracked $1.15, or 1.1%, to $102.01, while rival Canadian Pacific Railways lost $1.16 to $208.25.
ON BAYSTREET
The TSX Venture Exchange inched ahead 0.82 points to 781.28
The 12 TSX subgroups were divided evenly between gainers and losers, gold leading the former group, climbing 0.9%, materials were ahead 0.8%, and financials were better by 0.4%.
The half-dozen laggards were weighed most by information technology, down 0.8%, health-care, ailing 0.6%, and industrials, weaker by 0.4%.
ON WALLSTREET
U.S. stocks closed higher on Tuesday, building on strong gains from their previous session.
The Dow Jones Industrials continued on the move, adding 84.07 points to Monday’s record, to close Tuesday at 22,634.50, with 3M contributing the most to the gains. The 30-stock index also posted a five-day winning streak.
The S&P 500 picked up 5.46 points to 2,534.58, on top of Monday’s all-time record. The 500 also rose for the sixth straight session. Airline stocks Delta rose 6.6% and United Continental picked up 6.1%, to close the session as the best performers in the S&P
The NASDAQ gained 15 points to 6,531.71, also a new record.
In economic news, monthly auto sales data were released throughout the day. General Motors, Ford, and Fiat Chrysler were among the automakers who reported better-than-expected sales.
While some Wall Street experts have expressed concern over equity valuations, billionaire Warren Buffett said they made sense given where interest rate are. Buffett said rates have been a "powerful factor" in equity values.
The Federal Reserve has raised interest rates twice this year, with investors largely expecting a third rate hike in December.
Prices for the benchmark 10-year Treasury note were up a tad, lowering yields to 2.33% from Monday’s 2.34%. Treasury prices and yields move in opposite directions.
Oil prices faded 21 cents a barrel to $50.37 U.S.
Gold prices declined $1.30 to $1,274.50 U.S. an ounce
