|Markets ride rails higher |
Canadian National Railway and energy shares pushed Canada's main stock index higher on Tuesday, topping the record high it hit last week, as tensions eased in Ukraine.
The S&P/TSX composite index hiked 89.23 points to greet noon at 15,339.23.
The Canadian dollar ducked back 0.05 at 93.08 cents U.S.
CN Rail was the index's biggest positive force, up 1.6% at $74.14, after the country's biggest railway reported record volumes and lifted forecasts after the bell on Monday.
Among other big gainers, Hudbay Minerals was up 4.5% at $11.39 after several analysts upgraded the stock or raised their share-price targets. Hudbay is close to closing its acquisition of Augusta Resource Corp, which owns the promising Rosemont copper project in Arizona.
Suncor Energy Inc gained 0.8% to $44.96, and Canadian Natural Resources was up 1.1% at $49.
Major gold miners were among the heaviest weights on the index, with Goldcorp off 1.4% at $29.40, and Barrick Gold Corp also down 1.4% at $20.23 as the spot price of bullion slipped.
The TSX Venture Exchange gained 2.99 points to 1,009.47.
All but one of the 14 Toronto subgroups were higher by noon ET, with metals and mining up 1.5%, industrials ahead 1.4%, and global base metals jumping 1.3%.
Only gold missed the party, down 0.3%.
Stocks perked on strong company earnings
The Dow Jones Industrials jumped 72.31 points to 17,124.44
The S&P 500 gained 12.40 points to 1,986.03, and the NASDAQ composite hiked 38.87 points to 4,463.52
Food and beverage stocks were on the move Tuesday as some major restaurant chains released second quarter results.
Shares of Chipotle skyrocketed almost 12% after the burrito maker posted earnings late Monday that surged from the year earlier despite higher menu prices.
McDonald's shares sank after the fast food giant reported second-quarter revenue and profit that fell short of expectations due to lower sales in the U.S. and Europe.
Domino's stock delivered for Wall Street after the pizza delivery service said that earnings grew 17.5%, driven by strong same store sales domestically and internationally.
Investors also got earnings from Coca-Cola Tuesday to wash down all those restaurant results. But the stock fizzled after the company beat analyst estimates but said its 2014 overall earnings are expected to suffer from unfavorable exchange rates.
The internet is king for Comcast, which said in its second-quarter earnings Tuesday that a 15% increase in high speed internet users offset losses from so-called "cord cutters" who are dropping cable TV subscriptions. The stock moved higher in morning trading.
Part of the reason consumers are ditching traditional cable is due to companies like Netflix, which in its earnings report Monday revealed it now boasts over 50 million members. Still, the stock dipped over 4% Tuesday since the company said in its report that U.S. streaming subscriptions were lower compared to the year earlier.
Verizon, another mega media conglomerate, also experienced an earnings bump, driven by strong revenues from its wireless and Fios segments. Shares were up Tuesday.
Investors will get more insight into the intersection of business and tech Tuesday when Apple and Microsoft announce quarterly results after the bell.
Shares of Herbalife rose even though a press conference was getting underway by a major hedge fund manager who is revealing what he found after a nearly two-year probe into the company's nutrition clubs.
Pershing Square's Bill Ackman has repeatedly called the company a pyramid scheme and last year disclosed that he was betting against its stock price. The stock has fallen around 30% this year, but it's still up big since Ackman's campaign against the firm began.
Meanwhile Harley Davidson shares downshifted after the iconic motorcycle company beat earnings forecasts for the quarter but lowered its full year guidance for bike shipments.
Prices for 10-year U.S. Treasuries lost ground, boosting yields to 2.49% from Monday’s 2.47%. Treasury prices and yields move in opposite directions.
Oil prices regrouped 18 cents to $104.77 U.S. a barrel.
Gold prices lost $3.70 to $1,310.20 U.S. an ounce.