Broad gains led by Valeant Pharmaceuticals International lifted stock indexes to record high on Tuesday, breaking the previous record set last week.
The S&P/TSX Composite Index held onto gains of 15.17 points by noon Tuesday at 16,107.37
The Canadian dollar dipped 0.22 cents to 78.14 cents U.S.
Valeant soared 16.3% to $17.95 after it reported a forecast-beating quarterly profit on the strength of its Bausch and Lomb eye-care business, propelling big leaps by the health-care sector in general.
Suncor Energy, which advanced 0.9% to $45.775, gave the index one of its biggest lifts.
Industrials rose, with Finning International advancing 3.1% to $32.48 after it reported third quarter results that surpassed expectations.
Mining and other resource companies, which form the materials group, gave back some of Monday’s sharp gains, as a stronger U.S. dollar put some pressure on metal prices, including nickel and gold, and weighed on the sector.
Tahoe Resources Inc tumbled 9.4% to $5.57 after the company reported a quarterly loss, with some investors remaining concerned about the uncertainty around its growth plans and its Escobal mine.
ON BAYSTREET
The TSX Venture Exchange staggered 0.72 points to 794.88
Seven of the 12 TSX subgroups were negative midday, as information technology slid 0.4%, while materials and gold each lost 0.3%.
The five laggards were lifted most by health-care, up 4.3%, while real-estate and industrial stocks each climbed 0.4%.
ON WALLSTREET
Media stocks shined on Tuesday as investor sentiment was lifted by the prospects of deal making within the sector. But, while the media sector rose, the broader market slipped from record levels.
The Dow Jones industrial average dropped 53.73 points to Monday’s record high to 23,494.69.
The S&P 500 slipped 4.62 points to 2,586.51,
The NASDAQ Composite dropped 31.3 points from Monday’s all-time record to 6,755.13
Shares of Discovery Communications jumped 3.6% and were among the best performers on the S&P 500. CBS shares, meanwhile, rose 3.5% Disney's stock also traded higher, advancing 2%, it was also the best-performing stock on the Dow Jones industrial average.
Deal making hopes were stoked by news that Disney approached 21st Century Fox on a deal. The two companies have been in talks in recent weeks, but there is no certainty that a deal will get done. The two stocks rose sharply on Monday and are up for a second straight day.
Nearly 85% of the S&P 500 had reported as of Tuesday morning, with 74% of those companies surpassing earnings expectations
Strong corporate earnings, along with improving economic data and the prospects of changes to the U.S. tax code, have helped stocks climb higher since President Donald Trump was elected.
But the market's rally can be traced back to just after the U.S. presidential election last year. Since Nov. 8, 2016, the indexes are up at least 20%.
In the first and second quarter of the year, S&P 500 earnings grew 15.5% and 10.8% respectively. The current earnings season has been a strong one, too. Experts say third-quarter earnings have grown 6.3% on a year-over-year basis.
Prices for the benchmark 10-year Treasury note gained slightly by midday Tuesday, lowering yields to 2.31% from Monday’s 2.32%. Treasury prices and yields move in opposite directions.
Oil prices fell 20 cents a barrel to $57.15 U.S.
Gold prices slid $6.20 an ounce to $1,275.40 U.S.
