Stocks in Toronto improved as traders saw hopes of easing of tensions between Russia and the West after rebels in Ukraine handed over the black box recorder from Malaysia flight 17 to Malaysian authorities.
The S&P/TSX composite index recovered 47.41 points to open Tuesday at 15,297.40.
The Canadian dollar was relatively flat at 93.14 cents U.S.
The stock index took a step back from last week's all-time high on Monday, as a 3% jump in Valeant Pharmaceuticals International Inc was more than offset by declines across most major industries. Valeant shares dipped 12 cents to $134.55.
Canadian National Railway, reported a big spike in profit as it moved record volumes of goods and made a swift recovery from last quarter's brutal winter weather. CN shares hit a new 52-week high early Tuesday at $74.55, up $1.60, or 2.2%, from Monday’s close.
Worried they may be given the cold shoulder by an imperious leadership, shareholders of Barrick Gold, the world's biggest gold miner, are skeptical over the company's latest management shakeup. Barrick shares gave back 15 cents to $20.36.
National Bank Financial raised the rating on Lundin Mining to outperform from sector perform. Lundin shares took on 14 cents to $6.25.
ON BAYSTREET
The TSX Venture Exchange dipped 0.25 points to 1,006.23.
All but three of the 14 Toronto subgroups were higher at the outset Tuesday, led by metals and mining, up 1.9%, global base metals, up 1.4%, and industrials, up 1.2%.
The three laggards were gold, dulling in price 0.7%, while materials slid 0.1%, and financials eked lower 0.02%.
ON WALLSTREET
Healthy company earnings gave investors extra energy early Tuesday.
The Dow Jones Industrials jumped 75.97 points early Tuesday to 17,127.70
The S&P 500 gained 10.75 points to 1,984.38, and the NASDAQ composite hiked 36.59 points to 4,461.29
Food and beverage stocks were on the move Tuesday as some major restaurant chains released second quarter results.
Shares of Chipotle skyrocketed over 11% after the burrito maker posted earnings late Monday that surged from the year earlier despite higher menu prices.
McDonald's 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 popped 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 3% 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 flat Tuesday.
Investors will get more insight into the intersection of business and tech Tuesday when Apple and Microsoft announce quarterly results after the bell.
Prices for 10-year U.S. Treasuries lost ground, boosting yields to 2.48% from Monday’s 2.47%. Treasury prices and yields move in opposite directions.
Oil prices retreated 29 cents to $104.30 U.S. a barrel.
Gold prices lost 70 cents to $1,313.20 U.S. an ounce.
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