TSX Leaps Yet Again on Recovery Hopes

AutoCanada, Precision Drilling in Focus

Canada's main stock index gained on Tuesday, boosted by stronger oil prices as robust economic data from China and the United States raised hopes of a faster pace of economic recovery.

The TSX improved 117.37 points on Monday’s all-time high, to reach noon EDT Tuesday at 19,144.16.

The Canadian dollar tailed off 0.19 cents at 79.68 cents U.S.

Hudbay Minerals jumped 45 cents, or 4.7%, to $9.99, and OceanaGold rose 15 cents, or 7.6%, to $2.05.

Aphria fell 79 cents, or 3.5%, to $22.00, while Aurora Cannabis lost 27 cents, or 2.4%, to $11.20.

CIBC raised the price target on AutoCanada to $37.00 from $34.00. Shares in AutoCanada withered two dollars, or 5.8%, to $32.30.

ON BAYSTREET

The TSX Venture Exchange eked up 2.03 points to 963.28.

All but three of the 12 TSX subgroups were positive into noon hour, with materials surging 2.3%, gold soaring 2.1%, and information technology stronger by 1.6%,

The three laggards were health-care, fading 1.8%, real-estate, off 0.1%, and financials, sliding but 0.01%.

ON WALLSTREET

U.S. stocks fluctuated on Tuesday after the Dow Jones Industrial Average and the S&P 500 both closed at record highs in the prior session as strong economic data boosted hopes of a smooth recovery.

The 30-stock index fell back 17.43 points from Monday’s all-time high, to 33,509.76.

The S&P 500 improved eight points, to 4,085.91, for another intraday high.

The NASDAQ Composite added 66.15 points to 13,771.75.

Shares of airlines and cruise lines continued their recent gains. United Airlines gained 1.6%, while Delta rose 2.7%. Carnival, Norwegian Cruise Line and Royal Caribbean all traded in the green.

The U.S. Labor Department said Tuesday job openings south of the border rose to 7.37 million on the last day of February from about seven million in January, according to its monthly Job Openings and Labor Turnover Survey, or JOLTS report. Economists polled by Dow Jones were expecting a total of seven million.

Investors continue to assess President Joe Biden’s $2-trillion infrastructure proposal announced last week and its chance to become reality. While politicians on both sides of the aisle support funding to rebuild American roads and bridges, disagreements over the ultimate size of the bill and how to pay for it remain, including Biden’s plan to raise the corporate tax to 28%.

Biden said Monday he is not worried that a corporate tax hike would hurt the economy. Conservative Democrat Sen. Joe Manchin of West Virginia reportedly said he opposes the proposed tax hike to a level that high.

Prices for 10-Year Treasurys moved upward, lowering yields to 1.67% from Monday’s 1.71%. Treasury prices and yields move in opposite directions.

Oil prices acquired $1.25 to $59.90 U.S. a barrel.

Gold prices gained $16.90 to $1,742.80.