Stock indices in Canada’s biggest market opened higher on Tuesday, a day after posting its worst day in over a week, as stronger crude prices boosted energy stocks.
The TSX Composite index regained 17.3 points to begin Tuesday at 20,162.55.
The Canadian dollar declined 0.31 cents to 80.76 cents U.S.
Thursday, markets in Canada are closed in honour of Canada Day.
Manulife Financial raised the proportion of core profit it aims to earn from its fastest-growing operations, including Asia and asset management, betting it will be able to capitalize on the continent's rapid wealth growth. Manulife shares eked ahead two cents to $24.28.
Enbridge said on Monday it had closed its inaugural sustainability-linked bond, the first company in the midstream sector to raise sustainable bonds in North America, as it moves a step closer to its environment goals. Enbridge shares captured 15 cents to $49.31.
ON BAYSTREET
The TSX Venture Exchange inched up 0.5 points to 945.3.
All but two of the 12 TSX subgroups were higher in the first hour, with health-care haler by 1.4%, energy up 1%, and consumer discretionary stocks better by 0.9%.
The two laggards were gold, slipping 0.9%, and materials, weaker by 0.6%.
ON WALLSTREET
The S&P 500 hit a record high on Tuesday morning as bank stocks and other cyclical plays tied to the economic recovery climbed.
The Dow Jones Industrials bustled higher 143.69 points to 34,426.96,
The S&P 500 added 5.55 points to Monday’s record, registering at 4,296.16 Tuesday morning.
The NASDAQ dropped 15.5 points from Monday’s all-time high, to 14,485.01.
With the market entering the final trading days of June and the second quarter, the S&P 500 is on track to register its fifth straight month of gains. The NASDAQ is pacing for its seventh positive month in the last eight. The Dow, however, is in the red for the month, and on track to snap a four-month winning streak.
Through Monday’s close, the S&P 500 is up 14% and the Dow and NASDAQ are up 12% so far for 2021.
Shares of Morgan Stanley jumped more than 3% in morning trading after the bank said it will double its quarterly dividend. The bank also announced a $12 billion stock buy back program. The announcement follows last week’s stress tests by the Federal Reserve, which all 23 major banks passed.
Wells Fargo said it plans on doubling its dividend to 20 cents a share, subject to board approval, and announced an $18 billion buyback plan. Bank of America, Goldman Sachs and JPMorgan also announced dividend increases.
Boeing shares rose more than 1% in early trading trading after United Airlines said it was buying 200 Max planes. General Electric also boosted the industrials sector, rising 2% after Goldman Sachs named the stock a top idea.
Homebuilder stocks moved higher after S&P Cash Shiller said home prices rose more than 14% in April compared to the prior year. Five U.S. cities, including Seattle, saw their largest annual increase on record. Shares of Lennar and PulteGroup rose nearly 2%.
The Conference Board’s consumer confidence reading for June came in higher than expected, adding to the bullish readings about the economic recovery.
Prices for 10-Year Treasurys fell a bit, raising yields to 1.49% from Monday’s 1.48%. Treasury prices and yields move in opposite directions.
Oil prices gained 37 cents to $73.28 U.S. a barrel.
Gold prices docked $25.90 to $1,754.80 U.S. an ounce.
