Stocks in Canada’s largest centre rose shortly after the open with across-the-board gains led by financial stocks, while Hudson’s Bay Co shares jumped after the company announced the sale of its Lord & Taylor flagship building and an investment deal.
The S&P/TSX Composite Index climbed 53.41 points to kick off Tuesday at 15,909.17
The Canadian dollar faded 0.05 cents to 79.04 cents U.S.
Bay shares hiked 74 cents, or 6.3%, to $12.49.
China's state-owned Sinochem Group appeared to deny a media report that it was bidding for a stake in Chilean lithium producer SQM being sold by Potash Corporation of Saskatchewan.
Potash shares gained 20 cents to $24.60.
Canaccord Genuity cut the price target on Eldorado Gold to $2.25 from $3.25. Eldorado Group gained four cents, or 2%, to $2.01.
Barclays raised the price target on First Quantum Minerals to $15.10 from $12.65. First Quantum shares took on 20 cents, or 1.3%, to $15.12.
ON BAYSTREET
The TSX Venture Exchange inched forward 0.95 points to 786.14
All but two of the 12 TSX subgroups gained ground Tuesday, with industrials and consumer discretionary each gaining 0.6%, and energy, up 0.5%.
The two laggards were health-care and gold, down 0.3%.
ON WALLSTREET
The Dow Jones industrial average rose sharply on Tuesday on the back of strong quarterly results from 3M and Caterpillar.
The Dow Jones Industrials leaped 167.16 points to 23,441.12, achieving yet another intraday record.
Caterpillar reported earnings per share of $1.95 on revenue of $11.413 billion. Analysts expected a profit of $1.27 per share on sales of $10.649 billion. Caterpillar shares rose 5.8%.
3M shares rose 5.3% after the company posted earnings per share of $2.33 on sales of $8.172 billion. Analysts polled by Reuters expected a profit of $2.21 per share on revenue of $7.927 billion.
United Technologies, another Dow component, also reported better-than-expected results; its stock rose 0.3% in early trade.
The S&P 500 improved 2.29 points to 2,567.09, with industrials leading advancers. Caterpillar and Corning were the best-performers on the index. General Motors, Eli Lilly and Polaris Industries also rose after reporting earnings.
The NASDAQ regained 6.85 points to 6,593.57
After the bell, AT&T, Capital One, Chipotle Mexican Grill, Discover Financial, Juniper Networks and many more are set to report earnings.
In economic news, the flash U.S. Composite Purchasing Managers’ Index rose to 55.7 in October, hitting a nine-month high. That release was accompanied by the Richmond Fed survey of manufacturing activity, which showed a slowdown in manufacturing activity in October.
Prices for the benchmark 10-year Treasury note settled, raising yields to 2.4% from Monday’s 2.37%. Treasury prices and yields move in opposite directions.
Oil prices gained 28 cents a barrel to $52.18 U.S.
Gold prices dropped $2.10 an ounce to $1,278.80 U.S.
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