Canada's main stock index opened higher on Tuesday, with real estate stocks leading as the market stretched recent gains, betting that the U.S. Federal Reserve could start cutting interest rates next year.
The TSX Composite surged 147.25 points to begin Tuesday at 20,622.71.
The Canadian dollar spiked 0.34 cents at 74.97 cents U.S.
Among individual stocks, refiner Imperial Oil forecast 2024 upstream production higher than its 2023 outlook. IMO shares gained 31 cents to $74.09.
CIBC downgraded automotive supplier Magna International to "neutral" from "outperformer", while it upgraded Boyd Group Services to "outperformer" from "neutral". Magna shares took on 15 cents to $76.58.
On the economic front, the Consumer Price Index rose 3.1% on a year-over-year basis in November, matching the 3.1% increase in October. On a seasonally adjusted monthly basis, the CPI rose 0.3% in November.
As well, Statistics Canada reported its industrial product price index fell 0.4% month over month in November and was 2.3% lower than in November 2022, while its raw materials price index decreased 4.2% on a monthly basis in November and fell 4.6% year over year.
ON BAYSTREET
The TSX Venture Exchange gained 4.04 points to 537.59.
All 12 subgroups were higher in the first hour, with materials climbing 1.3%, while gold and consumer staples each popped 1.1%.
ON WALLSTREET
Stocks were slightly higher Tuesday as the market tried to extend its recent rally.
The Dow Jones Industrials vaulted 139.23 points to open Tuesday at 37,445.25.
The S&P 500 climbed 14.65 points to 4,755.23.
The biggest gainers in the S&P 500 were solar company Enphase Energy and consumer health company Kenvue, which were up by more than 4%, each
The NASDAQ jumped 51.27 points to 14,956.47.
Communication services stocks outperformed, with shares of Meta Platforms higher by more than 1%, while Alphabet shares gained 0.7%.
All three major averages on pace to finish December with gains. The S&P 500 is up nearly 4% for the month and coming off its longest weekly winning streak since 2017. The NASDAQ has surged 5.1%, and the Dow is up 3.9%.
Prices for the 10-year Treasury gained ground, lowering yields to 3.90% from Monday’s 3.94%. Treasury prices and yields move in opposite directions.
Oil prices hiked 80 cents to $73.27 U.S. a barrel.
Gold prices progressed $14.60 at $2,055.10.
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