Toronto stock markets remained in the green by the closing bell on Tuesday, continuing to get support from Monday's U.S. Federal Reserve assertion of its willingness to keep on supporting the U.S. economy.
The S&P/TSX composite index finished the day up 45.24 points to 14,380.55.
The Canadian dollar added 0.16 cents at 90.65 cents U.S.
The consumer discretionary sector was the far-and-away leader among TSX subgroups, as Martinrea International galloped ahead 83 cents, or 8.3%, to $10.80.
Financials were up slightly as Royal Bank of Canada climbed 0.5% to $73.28, and Bank of Montreal gained 0.2% to $74.09.
Industrial shares gained 0.6%, with Air Canada jumping 4.9% to $5.80, and Bombardier adding 3.4% to $4.25.
The healthcare sector advanced as Valeant Pharmaceuticals added 0.9% to $146.73.
On the economic scene, Statistics Canada’s industrial product price index rose 1% in February, due to higher energy and petroleum prices, while its raw materials price index moved 5.7% higher in the same month, led by crude energy products.
ON BAYSTREET
The TSX Venture Exchange picked up 6.37 points to 1,000.93
Eight of the 14 Toronto subgroups gainers, led by consumer discretionary stocks, up 1.4%, industrials, up 0.9%, and global base metals, advancing 0.7%.
The half-dozen laggards were weighed mostly by materials, down 0.4%, metals and mining, off 0.3%, and utilities, sliding 0.2%.
ON WALLSTREET
After a bumpy start to the year, investors kicked off the second quarter with a spring in their step.
The S&P 500, which gained 1.5% in the first three months of the year, passed its all-time high of 1,883.97 by gaining 13.18 points to 1,885.52.
The Dow Jones Industrial Average gained 74.95 points to 16,532.61. The NASDAQ vaulted 69.05 points to 4,268.04
If history is any guide, Tuesday's gains could set the tone for the rest of the month. Stocks have returned 1.7% on average in the month of April over the past 40 years, making it the top performing month of the year, according to Schaeffer's Investment Research.
General Motors, which delayed the release of its sales figures because of a technical glitch, announced another recall Monday and set aside more money to cover the costs. But shares of GM, which are down sharply for the year, were modestly higher in midday trading Tuesday.
GM has been criticized for how it handled a different recall due to faulty ignition switches, linked to the deaths of 13 people. CEO Mary Barra testified today and will again tomorrow before Congress about the problems.
Meanwhile, shares of rival car company Ford were higher after it reported better than expected March sales growth.
Caterpillar executives were on Capitol Hill to defend the company against allegations it avoided $2.4 billion U.S. in taxes. The company's stock price was up slightly as some traders discounted the report from a Senate panel.
Shares of Intuitive Surgical Group soared after the Food and Drug Administration approved the biotech's "da Vinci Xi" technology for minimally invasive surgery.
Casino companies were on the move following reports that gambling revenue in Macau surged 13% in March. Shares of Las Vegas Sands, MGM Resorts and Wynn Resorts all gained ground.
In economic news, a report on U.S. manufacturing this morning was flat, in line with expectations. Investors had been looking for clues on the health of the economy after Federal Reserve chief Janet Yellen said Monday that the central bank's repair job was not yet finished.
Prices for 10-year U.S. Treasuries slid, raising yields to 2.76% from Monday’s 2.72%. Treasury prices and yields move in opposite directions.
Oil prices dropped $2.05 to $99.53 U.S. a barrel.
Gold prices dipped $3.30 to $1,280.50 U.S. an ounce.
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