Shaw, RBC in Winner’s Circle
It was another day of triple-digit gains for stocks in Toronto, as financial-based companies prospered, and communications found themselves sharing in the good vibes from throughout North America.
The TSX ended Tuesday up 139.51 points to 16,615.37.
The Canadian dollar surrendered 0.17 cents to 76.69 cents U.S.
Communications issues led the pack of gainers, with Telus adding 56 cents, or 2.3%, to $24.59, while Shaw Communications picked up 44 cents, or 1.9%, to $23.22.
Financials also made headway, with Royal Bank piling up $1.51, or 1.6%, to $99.18, while CIBC jumped $3.23, or 3.2%, to $105.39.
In energy, Imperial Oil gushed 34 cents, or 1.6%, to $21.97, while Canadian Natural Resources hiked 87.5 cents, or 3.3%, to $27.07.
Gold stocks got bruised, as Barrick Gold dipped 98 cents, or 2.8%, to $33.87, while Kirkland Lake Gold slumbered $1.21, or 2.1%, to $57.56.
In other resource stocks, Teck Resources sifted off 26 cents, or 1.3%, to $19.40, while Agnico Eagle Mines gave back $3.25, or 3.3%, to $95.62.
Among tech stocks, Celestica crumbled 45 cents, or 4.9%, to $8.81.
ON BAYSTREET
The TSX Venture Exchange dipped 7.44 points, or 1%, to 728.16.
Eight of the 12 TSX subgroups soared in the afternoon session, with communications and financials up 2.3% each, and energy, better by 1.9%.
The four laggards were weighed most by gold, down 2.7%, while materials and information technology issues backpedaled 2.2% each.
ON WALLSTREET
The Dow Jones Industrial Average rose on Tuesday, building on its sharp gains from the previous session as a market rotation out of names that thrived during the pandemic and into stocks linked to an economic recovery continued.
The 30-stock index zoomed 262.95 points to 29,400.92
The S&P 500 sank 4.97 points to 3,545.53.
The NASDAQ dwindled 159.83 points, or 1.4%, to 11,553.86, struggled amid a sharp decline in major tech names
Amazon shares were down 3.5% after falling 5% on Monday. Zoom Video dropped 10.9%, adding to its 17% decline from Monday. Alphabet ducked 2.3%, and Microsoft lost 3.4%, and Apple pulled back by 1.5%.
Names that would benefit from an economic recovery rose on Tuesday. Chevron added 4.6%, and Exxon Mobil climbed 2.2%. Boeing closed 5.2% higher.
Those moves were sparked by U.S. pharmaceutical giant Pfizer and German biotech firm BioNTech announcing their coronavirus vaccine was more than 90% effective in preventing Covid-19.
Pfizer’s big vaccine news came as the U.S. topped 10 million cases of Covid-19, a bleak milestone just 10 days after reaching the nine million mark amid a record surge in daily infections. Many on Wall Street believe a viable vaccine would be crucial for the economy on its road to a full recovery.
Prices for the 10-Year Treasury were lower, lifting yields to 0.96% from Monday’s 0.93%. Treasury prices and yields move in opposite directions.
Oil prices tacked on $1.10 to $41.39 U.S. a barrel.
Gold prices jumped $17.70 to $1,872.10
