Equities north of the border rose a third day as crude extended gains from a four-month high, while Bombardier Inc. climbed on more firm orders for its C Series jet aircraft.
The S&P/TSX Composite Index jumped out 158.66 points, or 1.2%, to close Tuesday at 13,581.42
The Canadian dollar muscled up 0.83 cents to 78.36 cents U.S.
Bombardier added 6.3% after three straight days of no change, after the struggling aerospace manufacturer said Latvia’s flag carrier Air Baltic converted its remaining seven option aircraft to a firm order. This latest order brings the Latvian carrier’s total firm orders to 20 CS300 aircraft.
The C Series is “critical” to the survival of Bombardier’s aircraft business, as one industry analyst put it, adding that Bombardier needs more than 1,000 C Series orders for success.
Among base metals producers, First Quantum Minerals hiked 70 cents, or 10.8%, to close at $7.19, while Teck Resources tacked on 79 cents, or 7.7%, to $11.10.
Copper recovered for a second day from its biggest weekly loss in three months, rising 2.2% to $4,766.50 U.S. a metric ton
Energy producers had a banner day, most notably Advantage Oil and Gas, which acquired 23 cents, or 3.4%, to $7.10, and Baytex Energy soared 30 cents, or 5.4%, to $5.85.
Among financials – another big winner – TD Bank gained 56 cents, or 1%, to $54.97, while Royal Bank of Canada took on 83 cents, or 1.1%, to $75.74.
ON BAYSTREET
The TSX Venture Exchange continued on the march, flying 7.13 points, or 1.2%, to 626.92
Six of the 13 TSX subgroups were higher on the day, as metals and mining bolted higher 6.6%, energy zoomed 5.3%, and financials galloped 1.3%
The half-dozen laggards were weighed most by health-care, fading 1.4%, while real-estate and utilities each suffered 0.4% losses, and telecoms were unchanged.
ON WALLSTREET
U.S. stocks traded higher Tuesday, with energy stocks leading as crude topped $42.00 a barrel, as investors awaited the bulk of earnings due over the next few weeks.
The Dow Jones Industrials spiked 164.84 points to 17,721.25, with Chevron and Caterpillar leading advancers and Cisco the only decliner.
The S&P 500 was higher 17.81 points to 2,059.80, with energy soaring 3% and leading all 10 sectors higher.
The NASDAQ index climbed 38.69 points to 4,872.09, as Starbucks temporarily declined more than 3.5%. Deutsche Bank downgraded the stock to hold from buy based on “lofty near-term investors' expectations" and "premium valuation."
Alcoa reported adjusted first-quarter earnings of seven cents U.S. a share, topping expectations of two cents a share. However, revenue of $4.95 billion U.S. missed expectations of over $5 billion and the aluminum producer also announced job cuts.
In economic news, March import prices showed a 0.2% rise from the prior month for the first time in nine months, although the gain was well below the expected 1% rise. Export prices were unchanged.
U.S. small business confidence fell to a fresh two-year low in March at 92.6, amid persistent worries about sales and profits, according to the National Federation of Independent Business.
The major economic data due in the next few days include retail sales and inflation reports.
Early Tuesday, the International Monetary Fund trimmed its global growth forecast to 3.2% for 2016.
Prices for the 10-year Treasury were lower, raising yields to 1.78% from Monday’s 1.72%. Treasury prices and yields move in opposite directions.
Oil prices ballooned $1.71 a barrel to $42.07 U.S.
Gold prices came to within 55 cents of breakeven to $1,257.33 U.S. an ounce.
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