Equities in Canada’s largest centre rose sharply on Tuesday, drawing support from energy stocks that tracked a hike in crude oil prices as the prospect of Iran glut waned, while the reopening of economies raised summer demand hopes.
The TSX rumbled ahead 142.8 points to begin a short week at 19,670.10
The Canadian dollar dipped 0.04 cents to 82.94 cents U.S.
Markets in Canada were shuttered Monday for Victoria Day.
Algoma Steel is becoming a publicly listed company through a merger agreed with New York-based blank-cheque firm Legato Merger Corp in a deal that will value the combined company at more than $1 billion.
Algoma shares picked up five cents to begin the day at $16.75.
BMO cut the target price on Finning International to $34.00 from $39.00. Finning shares faltered $2.01, or 6.2%, to $30.39.
Credit Suisse cut the target price on Innergex Renewable Energy to $26.00 from $30.00. Shares in Innergex dipped four cents to $20.14.
ON BAYSTREET
The TSX Venture Exchange added 5.16 points in the first hour to 962.38.
Seven of the 12 subgroups began the day in positive territory, led by health-care, ballooning 2.4%, information technology up 1.4%, and energy, soaring 1%.
The five laggards were weighed most by gold, down 0.8%, utilities, sinking 0.5%, and communications, off 0.3%.
ON WALLSTREET
U.S. stocks gained for a second day on Tuesday as investors piled into reopening trades amid optimism about an economic recovery.
The Dow Jones Industrials eked ahead 9.38 points to open Tuesday at 34,408.36,
The S&P 500 edged up 3.64 points to 4,200.69, on pace for back-to-back gains for the major benchmark which has stalled out as of late.
The NASDAQ gained 26.17 points to 13,687.34.
Tesla, a big holder of bitcoin, was flat in morning trading. Crypto-exchange Coinbase gained 2.5% with the shares also getting a boost from a JPMorgan buy call.
Big Tech shares Facebook, Amazon, Apple, Microsoft, Netflix, Nvidia, and Alphabet were all higher.
The rally was broad-based with airlines, cruise lines and Boeing also jumping higher. United Airlines jumped 3% after the carrier said yields on domestic leisure tickets purchased this month topped 2019 levels amid the reopening.
The major averages rose on Monday, led by tech stocks and companies that benefit from a strong reopening from the pandemic as COVID cases dropped to their lowest level since June. The Dow rose 186 points, helped by gains in Microsoft, Salesforce and Cisco.
The S&P 500 climbed 1%. The NASDAQ was the relative outperformer, jumping 1.4% as Facebook, Amazon, Apple, Netflix and Google-parent Alphabet posted gains. The small-cap benchmark Russell 2000 climbed 0.5%.
After Monday’s gain, the S&P 500 is now in the green for the month of May.
Bitcoin’s recent rout, which has hit tech stocks like Tesla and dented overall investor sentiment, stabilized on Monday.
The cryptocurrency was back near $38,000 early Tuesday after falling below $32,000 at one point on Sunday. Crypto prices rebounded as Elon Musk said he was having discussions with bitcoin miners regarding sustainability.
Prices for 10-Year Treasurys gained ground, lowering yields to 1.58% Monday’s 1.60%. Treasury prices and yields move in opposite directions.
Oil prices nicked up a penny to $66.06 U.S. a barrel.
Gold prices gained $1.60 to $1,886.10 U.S. an ounce.
