The Toronto stock market surged ahead Tuesday following a long holiday weekend, boosted by strong gains in the gold and energy sectors.
The S&P/TSX composite index gained 175.83 points, or 1.4%, to pause at noon ET at 12,788.88
The Canadian dollar dropped quarter of a cent to 97.40 cents U.S.
Stock markets in Canada were closed Monday for Victoria Day.
Gold stocks were the leading advancer on the resource-heavy TSX as Goldcorp Inc. shares jumped 3.8%, or $1, to $27.58 while Barrick Gold Corp. rose nearly 5%, or 86 cents to $19.93.
Meanwhile, the energy sector also lifted the TSX, as EnCana Corp. stocks jumped 5.2%, or $1.01, to $20.45 and shares in Canadian Natural Resources jumped 3.6%, or $1.08, to $31.47.
Metal and mining stocks also climbed, as the price of copper dropped a penny to $3.35 U.S. a pound. Teck Resources was ahead by 1.9% or 54 cents, to $28.52 while shares in Thompson Creek Metals were up nearly 6%, or 20 cents, to $3.72.
No major Canadian economic data was released today
ON BAYSTREET
The TSX Venture Exchange gained 0.49 points to 935.17
All but one of the 14 Toronto subgroups were higher, led by gold, up 4.5%, materials, up 3%, and metals and mining, improving 2.3%.
The lone naysayer was in health-care, 0.8% less robust.
ON WALLSTREET
Stocks nudged higher Tuesday as investors looked ahead to comments due from Federal Reserve chairman Ben Bernanke tomorrow.
Bernanke will discuss his outlook for the economy in testimony before Congress Wednesday.
The Dow Jones Industrials gained 54.37 points to 15,389.70.
The S&P 500 index picked up 3.71 points to 1,670. The tech-rich NASDAQ Composite recovered 6.83 points to 3,503.27
With all three indexes up 17% to 18% so far this year, investors have been stepping back this week.
Investors are eager to hear what he has to say about the central bank's stimulus policies, which have been a big driver of the stock rally. A number of Fed officials have hinted recently that the bank could slow the pace of its bond buying program.
JPMorgan shareholders rejected a proposal to split the roles of chairman and CEO, both held by Jamie Dimon. The move is a major victory for Dimon, who has been under fire since JPMorgan lost $6 billion U.S. on derivatives in the so-called London Wale trade.
Apple was also in focus as CEO Tim Cook and other executives appeared on Capitol Hill to testify about the company's tax practices. A report released Monday by Senators John McCain and Carl Levin criticized Apple for its use of obscure subsidiaries and accounting tactics to reduce its tax burden.
Shares of Home Depot rose after the home improvement retailer reported quarterly increases in revenue, profit and same-store sales.
The company cited an improving housing market and raised its sales guidance for the fiscal year. Home Depot also benefited from the reconstruction effort in areas hit by Hurricane Sandy.
On the flip side shares of Best Buy slid after the electronics retailer widely missed sales forecasts. Dick's Sporting Goods stock reversed earlier losses after the retailer missed revenue forecasts and issued guidance in line with estimates.
Shares of Carnival stumbled after the cruise ship operator slashed its earnings forecast, and said it was cutting prices in an effort to attract customers back onto its ships.
The sour forecast shows how Carnival continues to suffer from a number of high-profile incidents, including last year's Costa Concordia disaster which led to the loss of 32 lives.
Yahoo shares rose after the company announced a revamped version of photo-sharing service Flickr late Monday, just hours after confirming it was buying blogging site Tumblr.
Prices for the 10-year U.S. Treasury edged up, lowering yields to 1.95% from Monday’s 1.96%. Treasury prices and yields move in opposite directions.
Oil prices dipped 51 cents to $96.20 U.S. a barrel.
Gold prices dropped $11.40 at $1,372.70 U.S. an ounce
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