Stocks in Toronto turned sharply upward by the closing bell on Tuesday, tracking bullion prices and as data showed faster-than-expected annualized growth in the country’s economy.
The TSX pulled away from Monday’s closing figure, gaining 121.98 points to close Tuesday at 18,421.60.
The Canadian dollar increased 0.13 cents to 79.23 cents U.S.
Resources proved the rock stars of the day, with Osisko Gold Royalties up 98 cents, or 7.8%, to $3.98, while New Gold poked up 12 cents, or 6%, to $2.13.
Elsewhere, Pretium Resources surged 87 cents, or 7.1%, to $13.14, while Osisko Mining acquired 16 cents, or 5.9%, to $2.87.
In consumer staples, Primo Water jumped 55 cents, or 3%, to $18.66, while Premium Brands soared $2.23, or 2.2%, to $105.25.
Techs were among the few sectors to miss the party, as Sierra Wireless moved back 90 cents, or 4.1%, to $21.31, while Kinaxis dipped $5.96, or 3.4%, to $169.34.
In the industrial sector, Ballard Power Systems lost $2.10, or 5.6%, of its power, to finish at $35.53, while Ritchie Bros. Auctioneers handed back $2.50, or 3.6%, to $66.33.
On the economic calendar, Statistics Canada said gross domestic product edged up 0.1% in December as 12 of 20 industrial sectors were up in the month.
Moreover, the agency said, GDP grew 2.3% in the fourth quarter of 2020, following record fluctuations in the previous two quarters. In 2020, real GDP shrank 5.4%, the steepest annual decline since quarterly data were first recorded in 1961.
ON BAYSTREET
The TSX Venture Exchange faltered 6.61 points to 1,027.75.
All but two of the 12 TSX subgroups boasted gains, gold brightening 4.3%, materials better by 2.4%, and consumer staples stronger 1.3%.
The two laggards proved to be information technology, sagging 0.8%, while industrials were 0.4% to the bad.
ON WALLSTREET
U.S. stocks fell on Tuesday led by technology names, as the market gave back some of the strong gains from the previous session.
The Dow Jones Industrials tumbled 143.99 points from Monday’s levels to 31,391.52.
The S&P 500 demurred 31.53 points to 3,870.29.
The NASDAQ Composite dumped 230.04 points, or 1.7%, to 13,358.79, as Apple and Facebook fell about more than 2% each. Amazon and Microsoft both slipped 1%, while Tesla dropped 4.5%.
Tech and consumer discretionary were the two worst-performing sectors, falling more than 1% each. The slight gains in materials provided the broader market with some cushion.
President Joe Biden said Tuesday that Merck will help make Johnson & Johnson’s single-shot COVID vaccine as the country tries to ramp up supply.
Shares of Target reversed early gains to close more than 4% lower despite the company reporting booming sales. The retailer declined to provide a forecast for 2021.
Investors on Tuesday pored over comments made by both Securities and Exchange Commission Chair nominee Gary Gensler and Federal Reserve Governor Lael Brainard.
Gensler was testifying before the Senate Banking Committee while Brainard will deliver a speech entitled "U.S. Economic Outlook and Monetary Policy" via a virtual meeting hosted by the Council on Foreign Relations.
Prices for 10-Year Treasurys gained ground, thus weighing yields to 1.41% from Monday’s 1.44%. Treasury prices and yields move in opposite directions.
Oil prices slumbered $1.04 to $59.60 U.S. a barrel.
Gold prices regained $9.10 to $1,732.10
