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Stocks Surge Amid Hints Inflation Slowing

Enerplus, Centerra in Focus

Investors breathed a collective sigh of relief Tuesday, amid suggestions inflation is headed in the other direction, and stocks found this the right climate for buying shares.

The TSX marched ahead 96.08 points to end Tuesday at 20,725.

The Canadian dollar grew 0.22 cents at 74.60 cents U.S.

Energy rumbled higher, with Enerplus hiking $1.19, or 5.4%, to $23.26, while Baytex Energy jumped 30 cents, or 5.2%, to $6.08.

Gold stocks performed well, as Centerra Gold spiked 28 cents, or 3.2%, to $8.95, while Iamgold gained seven cents, or 2%, to $3.58.

In financials, Trisura Group acquired $1.45, or 3.4%, to $43.61, while EQB spiked $2.12, or 3.2%, to $68.70.

Utilities led losing groups downward, with Emera sliding $1.12, or 2.1%, to $53.14, while Hydro One dropped 90 cents, or 2.5%, to $35.22.

In consumer staples, Empire Company lost 94 cents, or 2.5%, to $36.14, while George Weston dumped $3.23, or 1.9%, to $613.45.

In communications, Quebecor shed 82 cents, or 2.6%, to $31.20, while Cogeco Communications dipped $1.36, or 1.9%, to $68.64.

On the economic calendar, Statistics Canada reported, in December, Canada's merchandise exports decreased 1.2%, while imports were down 1.3%. As a result, Canada's merchandise trade deficit with the world narrowed from $219 million in November to $160 million in December.


The TSX Venture Exchange gained 7.54 points, or 1.2%, to 621.14.

Seven of the 12 subgroups were lower on the day, with utilities and consumer staples down 1.1% each, while communications lost 1%.

The five gainers were led by energy, rumbling 2.9%, while gold raced 1.1% higher, and financials acquired 1%.


Stocks advanced Tuesday following Federal Reserve Chair Jerome Powell’s comments indicating inflation was declining.

The Dow Jones Industrials hurtled higher 265.83 points at 34,156.85.

The S&P 500 leaped 52.91 points, or 1.3%, to 4,163.99.

The NASDAQ Composite rocketed 266.34 points, or 1.9% to 12,113.79.

The major indexes ricocheted during and shortly after his remarks in a midday conversation at the Economic Club of Washington, D.C.
Powell said later in the discussion that the Fed could be forced to hike more aggressively, which could have briefly spooked investors. The three major indexes turned negative after initially popping on Powell’s remarks before settling in the green.

There’s been an increase in mentions of artificial intelligence (AI) during earnings calls from a few megacap technology companies, according to Ark Invest.

Notably, Alphabet, Meta and Microsoft all experienced a jump in the mentioning of the advanced technology on their fourth-quarter earnings calls over the past few weeks, the firm said.

Prices for the 10-year Treasury subsided, raising yields to 3.69% from Monday’s 3.65%. Treasury prices and yields move in opposite directions.

Oil prices advanced $3.28 to $77.39 U.S. a barrel.

Gold prices gathered four dollars to $1,883.50 U.S. an ounce.