Canada's main stock index rose on Tuesday, helped by strength in miners as concerns over the economic damage from surging Delta coronavirus cases and a dip in U.S. Treasury yields boosted bullion's safe-haven appeal.
TSX Composite index popped 240.31 points to greet noon Tuesday at 19,966.76.
The Canadian dollar regrouped 0.15 cents to 78.58 cents U.S.
OceanaGold jumped eight cents, or 3.3%, to $$2.35, and Eldorado Gold prospered 12 cents, or 1%, to $11.78.
Tilray Inc. shrugged off early losses and sprouted up 23 cents, or 1.3%, to $17.55.
Westshore Terminals Investment fell 45 cents, or 2.6%, the most on the TSX, to $17.14.
Canada on Monday said it would allow fully vaccinated U.S. tourists into the country starting from Aug. 9 after the COVID-19 pandemic forced an unprecedented 16-month ban that many businesses complained was crippling them.
ON BAYSTREET
The TSX Venture Exchange was ahead 14.75 points, or 1.7%, to 885.66.
All 12 TSX subgroups were positive midday, with energy up 2.3%, consumer discretionary better by 2.2%, and health-care improving 2%.
ON WALLSTREET
Major averages rebounded on Tuesday as investors stepped in to buy the dip from the Dow Jones Industrial average’s worst day in eight months.
The Dow Jones Industrials revived 611.95 points, or 1.8%, out of Monday’s disaster, to register midday at 34,573.99. It was the biggest jump for the Dow in more than a month.
The S&P 500 regained 66.98 points, or 1.6%, to 4,325.47
The NASDAQ heightened 199.75 points, or 1.4%, to 14,475.53.
Many of the stocks that were hit the hardest on Monday, on concerns about COVID-19's delta variant, bounced Tuesday. American Airlines and Delta Air Lines added 3% and 4%, respectively. Royal Caribbean gained 3%, after falling 4% on Monday.
Bank shares are bouncing too as investors continue to monitor bond yields under pressure. JPMorgan, Citigroup and Bank of America are all up more than 2%.
Energy and industrial stocks — two of the hardest hit groups from Monday — also snapped back. Exxon Mobil and Chevron rose 1% apiece. General Electric and Honeywell gained more than 3%.
New COVID cases are rebounding in the U.S. as the delta variant spreads, largely among the unvaccinated. The U.S. is averaging about 26,000 daily cases in the last seven days, more than double the average from a month ago, according to data from the Centers for Disease Control.
Prices for 10-Year Treasurys fell, raising yields to 1.22% from Monday’s 1.19%. Treasury prices and yields move in opposite directions.
Oil prices took on 67 cents to $67.05 U.S. a barrel.
Gold prices hiked $1.20 to $1,810.40 U.S. an ounce.
