TSX Strengthens Some More

Baytex Towers over Other Energy Stocks

Equity markets displayed investor optimism Tuesday, primarily in the energy field, boosting markets for yet another day.

The S&P/TSX Composite Index kept its win streak going, tacking on 158.15 points, or 1%, to wrap up Tuesday at 15,394.36

The Canadian dollar progressed 0.27 cents at 73.93 cents U.S.

Energy concerns propelled everything higher, with Baytex Energy soaring 12 cents, or 27.3%, to 56 cents, while Crescent Point Energy rocketed 23 cents, or 11.6%, to $2.22.

Among consumer discretionary stocks, MTY Food Group climbed $2.99, or 11.9%, to $28.14, while BRP jumped $2.68, or 5.4%, to $52.69.

Financials also had a banner day, what with National Bank leaping $2.91, or 4.8%, to $64.19, while Canadian Western Bank took on $1.11, or 4.7%, to $24.60.

Gold and materials weighed on the market, though, as Alacer Gold dropped 76 cents, or 8.5%, to $8.20, while Alamos Gold fell 63 cents, or 5.6%, to $10.72.

SSR Mining lost $2.34, or 8.4%, to $25.49, while MAG Silver dived $1.22, or 6.6%, to $17.23.

Real-estate took some bruises, too, as Dream Office REIT shed 53 cents, or 2.8%, to $18.66, while Allied Properties REIT sank a dollar, or 2.6%, to $37.83.

ON BAYSTREET

The TSX Venture Exchange lost 4.2 points on the day to 559.78.

Eight of the 12 TSX subgroups were in the plus category as the closing bell sounded, as energy gushed 4.4%, consumer discretionary stocks soared 2.9%, and financial clanged 1.9% higher.

The four laggards were weighed most by gold, down 3.4%, materials off 2.4%, and real-estate, fading 0.9%.

ON WALLSTREET

Stocks rose on Tuesday as traders focused on the reopening of the economy from the coronavirus pandemic even amid civil unrest around the U.S.

The Dow Jones Industrials rumbled higher 249.81 points, or 1%, to wind up Tuesday at 25,724.83.

The S&P 500 added 25.09 points to 3,080.82. Tuesday’s gains put the S&P 500 up more than 40% from its late-March intraday low.

The NASDAQ Composite regained 56.33 points to 9,608.38.

Stocks tied to the reopening of states outperformed once again. Citigroup, Wells Fargo and Bank of America all rose at least 0.9%. Gap climbed 7.7%. Southwest gained 2.6%.

Big Tech lagged the broader market for most of the day, but the eked out slight gains in the final minutes of trading. Facebook, Netflix and Apple all closed at least 0.3% higher while Alphabet gained 0.5%. Amazon advanced 0.1%.

Stocks were broadly higher earlier in the session after media reports said state-owned Chinese companies bought at least three cargoes of U.S. soybeans.

Tuesday’s moves came after President Donald Trump said Monday night he will deploy the military if states and cities failed to quell the demonstrations.

The stock market has largely ignored the unrest, but that could change if investors believe the protests would continue through the summer, disrupting states plans to reopen and hurting consumer confidence.

New York City has imposed a curfew until June 7 to curb protests. Similar curfews were instituted in cities across the country in an effort to dissolve mass gatherings.

Prices for the 10-Year Treasury eased, raising yields to 0.68% from Tuesday’s 0.66%. Treasury prices and yields move in opposite directions.

Oil prices vaulted $1.51 to $36.95 U.S. a barrel.

Gold prices swooned $16.80 to $1,733.50 U.S. an ounce.