Canadian stocks gained a second day, extending a five-month high, as raw-materials producers rallied with silver poised to enter a bull market and gold advancing a third day.
The S&P/TSX Composite Index climbed 147.46 points, or 1.1%, to close Tuesday at 13,867.28
The Canadian dollar leaped 0.78 cents to 78.99 cents U.S.
Silver Wheaton Corp. flew $1.74, or 8%, to $23.41, and First Majestic Silver Corp. jumped $1.20, or 15.7%, to $8.83 as resource shares led gains out of 10 industries in the S&P/TSX.
Energy stocks also rose, most notably, Baytex Energy, which gained 26 cents, or 4.6%, to $5.89, while Suncor Energy gathered 92 cents, or 2.5%, to $37.14.
Telecommunications stocks lost ground, led by Rogers Communications Inc. The cellphone, Internet and TV services provider slipped 93 cents, or 1.9%, to $49.27, after posting first-quarter earnings short of analysts’ estimates.
Also ailing were information technology stocks, as Vecima Networks dropped a dime to $12.00, while BlackBerry forfeited 16 cents, or 1.6%, to $8.93.
ON BAYSTREET
The TSX Venture Exchange sprang up 11.07 points, or 1.7%, to 649.41
Eight of the 13 TSX subgroups improved, with metals and mining solidifying 8.5%, materials moving up 3.9%, and energy 3.3% more energetic.
The five laggards were weighed most by telecoms and information technology, dipping 0.8% each, and consumer staples, down 0.3%.
ON WALLSTREET
Equities south of the border traded in a range Tuesday, amid a rise in oil prices, as declines in tech stocks weighed after major earnings
reports.
The Dow Jones Industrials was positive 49.44 points to 18,053.60, after yesterday’s 100-point-plus gain. IBM briefly fell more than 6% to account for about 60 points off the Dow. Johnson & Johnson, Goldman Sachs and UnitedHealth did the best to power gains.
The S&P 500 gained 6.47 points to 2,100.81, as information technology fell as the greatest decliner, topping the 2,100 level in intraday trade for the first time since December 2, 2015.
The NASDAQ index fell 19.68 points to 4,940.33, as shares of Illumina plunged more than 20% and Netflix traded more than 11% lower.
Goldman Sachs reported first-quarter earnings that topped lowered Wall Street expectations, but marked a fourth-straight quarter of profit declines as market volatility hit the company's bond trading and investment banking businesses. Revenue plunged about 40% from the year-ago period and missed estimates.
After the close Monday, IBM posted results that beat on both the top and bottom line. However, revenue continued to fall and the firm did not raise its full-year guidance.
Netflix also disappointed with lower-than-expected subscriber growth for the second quarter.
Intel and Yahoo are scheduled to report on Tuesday. Early morning reports included Johnson & Johnson, which posted quarterly earnings that beat, while revenue matched forecasts. The firm raised its full-year forecast.
UnitedHealth reported earnings that beat on both the top and bottom line, and raised its full-year forecast.
In other corporate news, FBR rated the newly formed Liberty Media tracking stocks Liberty SiriusXM, Liberty Media as outperform, noting both stocks are trading a "meaningful discounts" to their "sum-of-the-parts" values. Shares held about 6% higher in mid-morning trade.
U.S. economic news featured housing starts, which fell a more-than-expected 8.8% in March to a seasonally adjusted annual pace of 1.09 million units, the lowest level since October, according to the Commerce Department.
Moreover, building permits dropped 7.7% to a 1.09-million-unit rate last month, the lowest level since March last year.
Prices for the 10-year Treasury faded, driving yields up to 1.79% from Monday’s 1.77%. Treasury prices and yields move in opposite directions.
Oil prices climbed $1.28 a barrel to $41.06 U.S.
Gold prices grew $18.37 to $1,250.86 U.S. an ounce.
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