The winning ways continued on markets in Canada, where gains were led by higher oil prices.
The S&P/TSX Composite Index leaped 156.18 points, or 1.1%, to conclude Tuesday at 14,798.29.
The Canadian dollar increased 0.20 cents to 71.48 cents U.S.
As mentioned, energy was the champion, what with Vermilion Energy up 51 cents, or 9.8%, to $5.74, while Seven Generations Energy jacked up 18 cents, or 7.8%, to $2.48.
Consumer discretionary stocks also moved higher, as BRP Inc. acquired $3.19, or 9%, to $38.64. Aritzia improved $1.03, or 6.9%, to $16.02.
Among financials, Canadian Western Bank, up $1.19, or 5.9%, to $21.49. Element Fleet Management gained 47 cents, or 5%, to $10.10.
Health-care stocks, however, lost ground, as Extendicare fell 32 cents, or 4.7%, to $6.43, while Canopy Growth faded $1.12, or 4.6%, to $23.45.
In golds, Endeavour Mining slipped 84 cents, or 3.1%, to $26.28, while Centerra Gold lost 45 cents, or 3.8%, to $11.39.
Consumer staples went south, too, as Empire Company gave back 94 cents, or 2.9%, to $31.79, while Loblaw Companies jettisoned $1.29, or 1.7%, to $73.71.
In corporate news, The Yield Growth Corp. announced its wholly-owned subsidiary, Jack n Jane Essentials Inc., signed a definitive agreement on April 27, with licensed producer Argentia Gold Corporation for the manufacture and distribution of Jack n Jane branded cannabis products in Canada.
The agreement includes 35 products to be launched over a two-year term. Shares in Yield Growth were down a penny, or 5.9%, to end the session at 16 cents
Floods have forced mandatory evacuations in parts of Fort McMurray, the hub for Canada’s oil sands industry, even as the province of Alberta tries to stem the spread of the coronavirus.
ON BAYSTREET
The TSX Venture Exchange eked higher 0.47 points to 470.89.
Eight of 12 TSX subgroups gained on the day, with energy gushing 4.6%, consumer discretionary stocks ahead 2.7%, and financials up 1.7%.
The four laggards were led by health-care, tumbling 2.6%, gold, down 0.7%, and consumer staples, off 0.1%.
ON WALLSTREET
Stocks fell on Tuesday after a volatile session as a decline in big tech shares took the wind out of a market rally that was sparked by optimism over a potential reopening of the U.S. economy.
The Dow Jones Industrial Average lost 32.23 points, to 24,101.55, to snap a four-session winning streak
The S&P 500 dropped 15.09 points to 2,863.39.
The NASDAQ Composite shed 122.43 points, or 1.4%, to 8,607.73.
Alphabet fell 3% ahead of its latest earnings release, which was scheduled for after the close. Facebook dropped 2.5% while Amazon slid 2.6%. Netflix shares fell 4.2% while Apple lost 1.6%.
Facebook, Microsoft, Amazon and Apple are all scheduled to report earnings later this week.
A partial reopening of the economy — in Alaska, Georgia, South Carolina, Tennessee, Texas, and others — boosted investor sentiment, with certain U.S. businesses poised to benefit from the first wave of consumers emerging from the coronavirus driven quarantine.
Stocks that would benefit the most from a reopening led the market higher on Monday and were up again Tuesday. Shares of Simon Property Group took on 10.7% and Kohl’s rose 6.7%, after big gains on Monday. Bank stocks such as Citigroup and JPMorgan also rose more than 0.7% each.
Over the past week, the major averages are all up more than 4%. Those gains have been led by some of the biggest laggards during the coronavirus-induced selloff. PVH Corp, which owns Tommy Hilfiger and other brands, is up more than 28% over the past week. Expedia has rallied 25% in that time and Nordstrom is up 23%.
Investors are also digesting the busiest week of earnings season, with 145 S&P 500 companies reporting between Monday and Friday. A quarter of the way through earnings season companies have proved the coronavirus is weighing heavy on corporate profits.
Wall Street awaited the latest monetary policy announcement from the Federal Reserve, scheduled for Wednesday at 2 p.m.
Prices for the 10-Year Treasury regained some of its strength, lowering yields to 0.61% from Monday’s 0.66%. Treasury prices and yields move in opposite directions.
Oil prices faded nine cents to $12.69 U.S. a barrel.
Gold prices dropped $1.90 to $1,721.90 U.S. an ounce.
Related Stories
