Stocks in Toronto jumped sharply on Tuesday, as resource stocks exercised more of their power.
The S&P/TSX Composite Index popped 125.50 points to close Tuesday at 15,515.22.
The Canadian dollar eked ahead 0.04 cents to 73.64 cents U.S.
Canadian markets will be shuttered Wednesday for Canada Day.
Resource stocks led the way up, as First Majestic Silver soared 68 cents, or 6.9%, to $10.86, while Hudbay Minerals climbed 30 cents, or 7.8%, to $4.13.
Iamgold bettered itself 40 cents, or 8%, to $5.40, while Oceanagold triumphed 26 cents, or 8.8%, to $3.21.
Real-estate stocks made headway, too, as Summit Industrial Income REIT grabbed a hold of 40 cents, or 3.6%, to $11.42, while Cominar REIT acquired 25 cents, or 3.2%, to $8.19.
Consumer staples did not fare so well, however, as Empire Company dropped $1.08, or 3.2%, to $32.52, while Loblaw Companies shed 99 cents, or 1.5%, to $66.21.
Communications got static, too, as Cineplex faltered $1.92, or 19.4%, to $8.00, while Rogers Communications slid 62 cents, or 1.1%, to $54.60.
Energy had a rough day as well, as Tourmaline Oil lost 42 cents, or 3.3%, to $11.89, while Seven Generations Energy dipped nine cents, or 2.9%, to $3.02.
Economically speaking, Statistics Canada reported Gross Domestic Product dropped 11.6% in April, following a 7.5% decline in March, as all 20 industrial sectors decreased.
ON BAYSTREET
The TSX Venture Exchange gained 11.88 points, or 2%, to 620.13.
All but three of the 12 TSX subgroups were in positive territory at the close, with materials improving 2.3%, gold shining brighter 2.2%, and real-estate ahead 1.4%.
The three laggards proved to be consumer staples, down 0.6%, communications, sliding 0.4%, and energy, off 0.3%.
ON WALLSTREET
Stocks rose broadly on Tuesday as Wall Street wrapped up its best quarterly performance in decades.
The Dow Jones Industrials zoomed 217.08 points to end Tuesday at 25,812.88.
The S&P 500 gained 47.05 points, or 1.5%, to 3,100.29.
The NASDAQ Composite sprinted 184.61 points, or 1.9%, to 10,058.76.
The 30-stock Dow ended the second quarter with a 17.8% gain. That’s the average’s biggest quarterly rally since the first quarter of 1987, when it popped 21.6%.
The S&P 500 had its biggest one-quarter surge since the fourth quarter of 1998, soaring nearly 20%. Meanwhile, the NASDAQ jumped 30.6% for the quarter, its best quarterly performance gain since 1999.
Tuesday was also the last day of the month, with the major averages posting their third consecutive monthly gain. The Dow was up 1.7% for June. The S&P 500 climbed 1.8%, and NASDAQ was up 6%, month to date.
Shares of Facebook and Amazon rose 2.9% each to lead the gains Tuesday while Netflix advanced 1.7%. Micron also contributed to the gains, climbing more than 4% following the company’s better-than-expected earnings report. Micron also gave strong forward revenue guidance. Shares of Lululemon gained 6% on news it will acquire at-home fitness company Mirror for $500 million.
Those gains came amid a backdrop of increasing coronavirus cases in the U.S. and states attempt to reopen from the shutdown. U.S. governors are walking back or delaying reopening plans as COVID-19 cases climb around the country. New Jersey Gov. Phil Murphy announced the state will delay a resumption of indoor dining that was planned for Thursday.
Federal Reserve Chairman Jerome Powell and Treasury Secretary Steven Mnuchin testified before the House Financial Services Committee. The joint hearing addressed the Fed and Treasury’s response to the coronavirus pandemic.
In remarks he delivered Tuesday, Powell said uncertainty reigns over the outlook for the economy in the wake of the coronavirus pandemic.
Mnuchin told Congress the economy is in a strong position to recover from the coronavirus.
Prices for the 10-Year Treasury slumped, raising yields to 0.66% from Monday’s 0.64%. Treasury prices and yields move in opposite directions.
Oil prices lost 32 cents to $39.38 U.S. a barrel.
Gold prices added $17.30 to $1,798.50 U.S. an ounce.
