(CORRECTS TSX'S CURRENT READING
Canada's main stock index rose at the open on Tuesday, helped by gains in financial and energy stocks.
The S&P/TSX Composite Index regained 32.11 points to start Tuesday's session at 16,048
The Canadian dollar gained 0.08 cents to 74.46 cents U.S.
Suncor Energy is among a group of investors that will make a final investment decision for Rosebank, one of the largest undeveloped oil and gas fields on the British continental shelf, by May 2022.
Cormack Securities cut the target price on Canaccord Genuity Group to $8.50 from $9.00
ON BAYSTREET
The TSX Venture Exchange recovered 2.94 points to 597.66.
Eight of the 12 Toronto subgroups were stronger to start Tuesday, with health-care up 2.9%, energy improving 0.4%, and financials 0.2% better.
The four laggards were weighed most by gold, down 0.4%, real-estate, off 0.3%, and industrials, sagging 0.2%.
ON WALLSTREET
Stocks rose on Tuesday as global trade fears appeared to decrease after comments from China’s Commerce Ministry and a top Mexican official. Sentiment was also lifted by a rebound in tech shares.
The Dow Jones Industrial Average screamed higher 236.01 points, or nearly 1%, to open for business Tuesday at 25,055.79, led by Goldman Sachs and Intel.
The S&P 500 gained 21.78 points to 2,766.23, as the financials and tech sectors gained more than 1% each.
The NASDAQ Composite recovered 58.66 points to 7,391.60
Tuesday’s moves come after the major indexes took a hit in the previous session amid worries over tougher regulations on big tech companies. The Nasdaq fell into correction territory, pressured by Alphabet, Amazon, Facebook, and Apple. Amazon, Alphabet, and Apple rebounded on Tuesday. Facebook shares slipped, however.
Wall Street took the comments as a sign maybe the country was easing up on its tough rhetoric of the last month. The U.S. and China hiked tariffs on billions of dollars worth of each other’s goods in May, sparking worries of a prolonged trade war.
The Trump administration also threatened to slap tariffs on all imports coming from Mexico, adding to those concerns. Those worries were assuaged after Mexican Foreign Minister Marcelo Ebrard said Tuesday he expects both countries to find common ground on immigration and trade.
Republican lawmakers are also discussing whether they may have to vote to stop the new tariffs on Mexican goods threatened by Trump, according to The Washington Post, citing people familiar with the matter. The report said GOP lawmakers are worried about the ramifications for businesses and consumers of the tariffs.
Shares of GM gathered 2.4%, and Ford rose 1.7%. Both are companies who could take a hit under the new tariffs.
Bank shares rose broadly as yields climbed. Citigroup, Morgan Stanley and Bank of America all traded more than 2% higher. Goldman Sachs picked up 1.8% and J.P. Morgan Chase rose 1%.
Prices for the benchmark 10-year U.S. Treasury slid, raising yields to 2.12% from Monday’s 2.08%. Treasury prices and yields move in opposite directions.
Oil prices dipped 41 cents to $52.84 U.S. a barrel.
Gold prices added $1.20 at $1,329.10 U.S. an ounce.
