Canada's main stock index rose on Tuesday, led by gains in drug maker Valeant Pharmaceuticals and in the financial services sector.
The S&P/TSX Composite Index gained 23.04 points to greet noon at 16,126.55
The Canadian dollar dipped 0.18 cents to 77.62 cents U.S.
Valeant rose $1.50, or 5.7%, to $27.95, the largest percentage gainer of the bunch, while the largest decliner was Nexgen Energy, down 11 cents, or 3.1%, to $3.41.
In the financial services sector, Toronto-Dominion Bank advanced 21 cents to $72.85.
Among the most active Canadian stocks by volume were Aurora Cannabis, down seven cents, or nearly 1%, to $7.24, while Imvescor Restaurant Group was down 12 cents, or 2.9%, to $4.06.
ON BAYSTREET
The TSX Venture Exchange gained 2.57 points to 793.93
All but three of the 12 TSX subgroups were positive midday, with health-care ahead 1.6%, while consumer staples and materials each gained 0.5%.
The three laggards were gold, down 0.7%, while information technology and utilities each slid 0.2%.
ON WALLSTREET
U.S. stocks rose on Tuesday amid growing optimism that Republican lawmakers would revamp the corporate tax system. Wall Street also looked to the Federal Reserve as its two-day policy meeting kicked off.
The Dow Jones industrials rocketed 141.4 points above Monday’s record close to 24,527.43, boosted by gains in Boeing and Verizon.
The S&P 500 picked up 8.53 points to 2,668.52, also an all-time closing high, with telecommunications and financials outperforming.
The NASDAQ composite index regained 8.11 points to 6,883.19
Boeing shares surged 2.7% after the company raised its dividend and approved an $18-billion buyback.
Verizon's stock, meanwhile, rose 2.3% after Instinet upgraded it to "buy" from "neutral." Instinet also raised its price target on Verizon to $61 per share from $47, representing a 17.7% upside from Monday's close.
The U.S. central bank began its meeting on Tuesday and is largely expected to announce an interest rate hike on Wednesday at 2 p.m. New York time. Market expectations for a 25-basis-point rate increase were at 87% on Tuesday
Prices for the benchmark 10-year Treasury note sagged, raising yields to 2.42% from Monday’s 2.39%. Treasury prices and yields move in opposite directions.
Oil prices tumbled 83 cents a barrel to $57.16 U.S.
Gold prices surrendered $6.90 to $1,240 U.S. an ounce.
