Stock markets in Toronto began Tuesday with only marginal gains.
Investors remained on edge about the East-West standoff over Crimea and awaited results from the U.S. Federal Reserve's two-day policy meeting starting later in the day.
The S&P/TSX composite index added 30.08 points to open Tuesday at 14,261.97
The Canadian dollar eked up 0.07 cents at 90.48 cents U.S.
Air Canada has suspended flights to Caracas until further notice citing the ongoing civil unrest in Venezuela. Air Canada shares gained a penny to $5.65 in the first hour of trading.
Ivanhoe Energy Inc suspended work on its 20,000-barrel-per-day Tamarack oil sands project while it awaits updated Alberta regulations on thermal oil sands applications. Ivanhoe shares dropped eight cents to 62 cents.
U.S. farm co-operative CHS Inc. said would buy 16 Canadian farm retail outlets from Agrium Inc., and plans to further expand its business in Canada. Agrium shares stumbled 35 cents to $103.48.
On the economic beat, a cheery sign from Statistics Canada, reporting that manufacturing sales rose 1.5% to $50.4 billion in January, their largest gain since last February.
Elsewhere, the Bank of Canada is redefining the role of its number-two policymaker, introducing changes that may attract a broader range of candidates to fill the job when the current second-in-command, Tiff Macklem, steps down later this year.
ON BAYSTREET
The TSX Venture Exchange gathered 2.54 points to 1,036.68
All but two of the 14 Toronto subgroups were higher soon after the open, as consumer staples took on 0.7%, while industrials and consumer discretionary stocks each grew 0.6%.
The two laggards were gold, down 1.2%, and materials, sliding 0.7%.
ON WALLSTREET
Stocks were higher for a second straight day Tuesday as tensions in Crimea seemed to fade and investors started to focus on what the Federal Reserve may have up its sleeve.
The Dow Jones Industrial Average bolted up 70.03 points to 16,317.25
The S&P 500 index gained 7.52 points to 1,866.35. The NASDAQ improved 22.79 points to 4,302.74.
On the corporate front, shares of GameStop fell after Wal-Mart said it was getting into the used video game sales market.
Also, shares of Hertz rose after it announced earnings and said it would spin off its equipment rental business to pay off debt.
Two big software companies, Oracle and Adobe Systems will report earnings after the close.
The Fed's latest policy meeting wraps up on Wednesday afternoon. Janet Yellen, the new Fed chair, will give her first press conference after the meeting.
It is widely expected that Yellen will continue to trim, or taper, the fed's stimulus program by another $10 billion, to $55 billion U.S. a month. The markets will also listen closely to any possible changes to the Fed's guidance on interest rate changes.
The central bank will have two new pieces of data to look at as it begins its meeting.
Consumer prices edged up 0.1% in February. Food prices jumped 0.4% - the largest increase in nearly three years. But inflation is not a huge problem for the Fed or economy right now.
Meanwhile, there were mixed signs about housing. Construction of new homes fell by 0.2% in February, but building permits, a sign of future construction, rose 7.7%.
Prices for 10-year U.S. Treasuries inched up, lowering yields to 2.69% from Monday’s 2.70%. Treasury prices and yields move in opposite directions.
Oil prices advanced 24 cents to $98.32 U.S. a barrel.
Gold prices shed $19.50 to $1,353.30 U.S. an ounce.
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