Canada's main stock index rose on Tuesday as sentiment was helped by better-than-expected trade data from China and signs that some economies were preparing to ease lockdowns after coronavirus cases seemed to plateau.
The S&P/TSX Composite Index came off its highs of the morning and remained positive 204.72 points, or 1.5%, to reach noon Tuesday at 14,280.66
The Canadian dollar faded 0.13 cents to 71.90 cents U.S.
The largest percentage gainer on the TSX was Torex Gold Resources which jumped 9.3%, and MAG Silver Corp MAG.TO followed with a 6.9% rise.
Baytex Energy fell 3.8%, the most on the TSX, and the second biggest decliner was Enerflex down 2.7%, after Scotiabank cut its price target on stock.
ON BAYSTREET
The TSX Venture Exchange gained 9.6 points, or 2.2%, to 446.76
All but one of the 12 TSX subgroups gained ground, with information technology climbing 3.9%, while gold and materials each better by 2.5%.
Only energy went south, and 1.2% at that.
ON WALLSTREET
Stocks jumped on Tuesday as investors grew more optimistic about the coronavirus outlook while bracing for the start of the corporate earnings season.
The Dow Jones Industrial gained 552.88 points, or 2.4%, to 23,943.65
The S&P 500 recovered 73.05 points, or 2.6%, to 2,834.65.
The NASDAQ Composite vaulted 282.76 points, or 3.5%, to 8,475.06
Johnson & Johnson was the best-performing stock in the Dow while the S&P 500 was led higher by 3% rallies in tech, consumer discretionary and consumer staples. Amazon rose to an all-time high to lead the Nasdaq higher.
The major averages came off their session highs in mid-morning trading, as Boeing fell more than 1% on the cancellation of 150 Max jet orders.
The corporate earnings season kicked off on Tuesday with JPMorgan Chase and Johnson & Johnson reporting their latest quarterly results, giving investors their first look at how devastating the hit to corporations has been from the pandemic.
JPMorgan Chase reported a big profit decline for the first quarter. Johnson & Johnson shares gained 4.8% on better-than-expected earnings.
Wells Fargo, meanwhile, reported first-quarter profits well short of expectations as the San Francisco-based bank set aside cash for credit losses amid the coronavirus pandemic. It reported earnings of one cent per share, below analyst estimates of 33 cents per share.
For the first quarter, 88 negative earnings pre-announcements have been issued by S&P 500 corporations, according to Refinitiv. A wave of major companies have already withdrawn their full-year guidance.
The number of coronavirus cases continues to rise globally. Data from Johns Hopkins University shows there are more than 1.9 million cases around the world, with over 582,000 in the U.S.
Prices for the 10-Year U.S. Treasury inched up, lowering yields to 0.74% from Monday’s 0.76%. Treasury prices and yields move in opposite directions.
Oil prices slid $1.35 to $21.06 U.S. a barrel.
Gold prices climbed $9.90 to $1,771.30 U.S. an ounce.
