Canada's main stock index rose on Tuesday, as gains in financial and energy stocks were kept in check amid broader concerns of a global economic slowdown.
The S&P/TSX Composite Index pulled ahead 53.29 points to greet noon Tuesday at 16,069.18
The Canadian dollar gained 0.12 cents to 74.50 cents U.S.
Among the largest percentage gainers on the TSX was Canfor Corp, which jumped 48 cents, or 5.5%, to $9.27, followed by shares of Interfor Corp, up 65 cents, or 5.7%, to $12.00.
OceanaGold Corp started out negative, but caught up to Monday’s close of 31 cents, while shares of Summit Industrial REIT were down 30 cents, or 2.3%, to $12.52.
ON BAYSTREET
The TSX Venture Exchange took on 5.04 points to 599.76.
The 12 Toronto subgroups were evenly split midday Tuesday, as health-care sprinted 3.6%, information technology rumbled ahead 0.7%, and financials were richer 0.5%.
The half-dozen laggards were weighed most by real-estate, settling 0.7%, while gold and consumer staples subsided 0.6% each.
ON WALLSTREET
Stocks surged on Tuesday, climbing back from a big rout in the past month, after Federal Reserve Chairman Jerome Powell signaled the central bank was open to easing monetary policy to save the economy and as trade tensions eased amid comments by China and Mexico.
The Dow Jones Industrial Average popped 426.53 points, or 1.7%, to break for lunch at 25,246.31
The S&P 500 gained 45.7 points, or 1.6%, to 2,789.52,
The NASDAQ Composite spiked 150.68 points, or 2.1%, to 7,483.70. Stocks that have been hit hard during the month-long selloff led Tuesday’s comeback, including Apple and bank shares.
Powell said the central bank will "act as appropriate to sustain the expansion." He noted, however, the Fed does not know "how or when" global trade issues will be resolved. "We are closely monitoring the implications of these developments for the U.S. economic outlook."
The Chinese Commerce Ministry said in a post that the “differences and frictions between the two sides” should be dealt with through talks, according to a Google translation. But the post also said talks "need to be based on mutual respect, equality and mutual benefit."
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 4.3%, and Ford rose 3.2%. 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 3.5% higher. Goldman Sachs picked up 3.2% and J.P. Morgan Chase rose 2.8%.
Prices for the benchmark 10-year U.S. Treasury slid, raising yields to 2.14% from Monday’s 2.08%. Treasury prices and yields move in opposite directions.
Oil prices improved 18 cents to $53.43 U.S. a barrel.
Gold prices moved lower $1.50 at $1,326.40 U.S. an ounce.
