Stocks in Canada’s largest centre continued on their positive route, as strength in techs and consumer stocks overcame timidity among gold issues
The S&P/TSX Composite Index grew 101.02 points to close at 14,605.15
The Canadian dollar gained back 0.12 cents at 75.32 U.S.
Tech issues stood out most, as Shopify gained 74 cents to $192.65, while Constellation Software leaped $9.19, or 1%, to $889.90
Among consumer discretionary issues, Canada Goose climbed $1.47, or 2.4%, to $63.68, while Magna zoomed $1.42, or 2.3%, to $63.22.
Among utilities, Fortis Inc. climbed 48 cents, or 1.1%, to $44.75, while Atco Ltd. gained 38 cents, or 1%, to $38.48.
Gold took the brunt among negative subgroups, as Barrick Gold surrendered 87 cents, or 5.1%, to $16.32, while Agnico Eagle Mines dropped 36 cents to $52.60.
Health-care stocks fell, too, as Aphria slipped 14 cents, or 1.6%, to $8.40
On the economic front, Canadian exports fell 2.9% in November, while imports decreased 0.5%. As a result, Canada's merchandise trade deficit with the world widened from $851 million in October to $2.1 billion in November.
ON BAYSTREET
The TSX Venture Exchange faltered 2.37 points to 588.26
All but two of the 12 TSX subgroups gained on the day, with information technology surging 1.3%, consumer discretionary issues up 1%, while utilities muscled up 0.9%
The two laggards were gold, sinking 0.8%, and health-care, 0.1% less healthy
ON WALLSTREET
Stocks rose on Tuesday as large tech companies like Apple and Amazon outperformed while investors remained cautiously optimistic Washington and Beijing could move forward on a trade deal.
The Dow Jones Industrial Average zoomed 256.1 points, or 1.1%, to 23,787.45, posting its first three-day winning streak since late November.
The S&P 500 gained 24.72 points, or 1%, to 2,574.41, as the real estate and communications services sectors outperformed.
The NASDAQ Composite gained 73.53 points, or 1.1%, to 6,897
For the year so far, the Dow has climbed nearly 2%, and the S&P 500 has risen 3% The NASDAQ is up nearly 4% in that time period.
Apple shares rose 1.9% after CEO Tim Cook tried to assuage some of the concerns plaguing the tech giant. In an interview, Cook said Apple’s “ecosystem has never been stronger. ” Apple took a beating last week after slashing its quarterly revenue forecast, citing a slowdown in China. Cook also said he feels good about the “real-time ” information he receives regarding the U.S.-China trade talks.
Amazon also gained 1.67%, while Facebook jumped 3.3%. Netflix and Alphabet also closed higher. These gains add to the so-called FAANG trade’s sharp rise since Dec. 24. Through Tuesday’s close, Facebook shares have surged 15.9% since then, while Amazon has rocketed 26.8%. Alphabet shares, meanwhile, are up 11% in that time period. Netflix’s stock is up nearly 37% in that time.
Bank shares struggled, however. J.P. Morgan Chase fell 0.2%, along with Wells Fargo and Bank of America. The losses came after Jefferies downgraded J.P. Morgan, citing the possibility of no rate hikes from the Federal Reserve.
Chipmakers also fell. Nvidia dipped 2.5%, and Applied Materials fell 4.1%. Lam Research also slipped. The decline in chip stocks came after Samsung slashed its fourth-quarter earnings guidance due to lackluster demand for memory chips.
Tuesday’s moves come as several officials from the world’s two largest economies continue talks to resolve their ongoing trade dispute. U.S. Commerce Secretary Wilbur Ross told the media on Monday that both global powers could reach a settlement "they can live with, and that addresses all the key issues."
China’s Foreign Ministry previously said Beijing had “good faith” to work with Washington to reach an agreement before a March deadline.
Prices for the benchmark for the 10-year U.S. Treasury faded, raising yields to 2.73% from Monday’s 2.69%. Treasury prices and yields move in opposite directions.
Oil prices gained $1.23 to $49.75 U.S. a barrel.
Gold prices shed $3.70 at $1,286.20 U.S. an ounce.
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