Stock markets in Toronto and New York posted strong advances Tuesday amid a slew of positive economic data from both Canada and the United States.
The S&P/TSX composite index improved 161.65 points, or 1.1%, to close the last full session before Christmas at 14,594.03
The Canadian dollar gave back 0.01 cents to 85.99 cents U.S.
Gold stocks such as Barrick Gold faded 23 cents, or 1.9%, to $11.79, while March copper was off one cent at $2.86 U.S. a pound. Shares in Teck Resources zoomed 61 cents, or 4.1%, to $15.56.
Crude prices hit $107 U.S. a barrel in June but have plunged nearly 50% since then due to low demand, especially after Saudi Arabia and other members of the Organization of Petroleum Exporting Countries agreed to maintain production levels in the face of a global supply glut.
Imperial Oil gained 56 cents, or 1.1%, to $51.59, while Suncor zoomed 88 cents, or 2.4%, to $37.76.
Consumer staples also starred, as Cott Corporation added 25 cents, or 3.2%, to $8.07.
On the economic beat, Statistics Canada revealed this morning that real gross domestic product grew 0.3% in October, following a 0.4% increase in September. The agency attributes the rise to educational services, mining and oil and gas extraction as well as manufacturing.
ON BAYSTREET
The TSX Venture Exchange gained 9.09 points to 677.45
All but two of the 14 Toronto subgroups were higher, with metals and mining up 2.7%, energy better by 1.9%, and consumer staples improving 1.5%
The two laggards proved to be gold, down 1.2%, and health-care, fading 0.5%.
ON WALLSTREET
U.S. stocks furthered record gains on Tuesday, with the Dow Jones Industrial Average surpassing 18,000 for the first time, as investors embraced data that had the economy expanding in the third quarter by the most in 11 years.
The Dow Jones Industrials moved up 64.67 points to close at 18,024.11, with Chevron and Boeing leading blue-gains, which included 24 of 30 components.
The S&P 500 gained 3.63 points to 2,082.17, with energy pacing gains and health care the sole laggard among its 10 main sectors.
The NASDAQ index fell 16 points to 4,765.42, erasing initial gains
Shares in Gilead Sciences removed 14% Monday, after Express Scripts Holding said it would no longer cover the drug maker's hepatitis C treatment in most cases.
Shares of Gilead on Tuesday fell another 3.6%.
Walgreen rose after the drugstore chain reported quarterly earnings that topped estimates; Keurig Green Mountain fell as the coffee recalled 6.6 million of its Mini Plus coffee makers because of a possible burn hazard.
The market jump came as investors learned that the U.S. economy grew at an incredible 5% in third quarter. It was the strongest quarter of growth since 2003.
Other reports had consumer sentiment at 93.6 in December versus a 93.5 estimate and the sale of new single-family homes falling for a second month in November.
Prices for 10-year U.S. Treasuries fell with a thud, raising yields to 2.26% from Monday’s 2.18%. Treasury prices and yields move in opposite directions.
Oil prices tacked on $1.77 per barrel to $57.03 U.S.
Gold prices toppled $5.60 an ounce at $1,174.20 U.S.
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