Canada's resource-heavy stock index opened slightly higher on Tuesday, after stronger than expected German data boosted confidence in the health of the global economy.
The S&P/TSX Composite Index restored 13.88 points in the day’s first hour to 12,441.89
The Canadian dollar added 0.10 cents to 100.81 cents U.S.
Among stocks to watch this morning, Kirkland Lake Gold Inc. posted a higher quarterly profit helped in part by a rise in gold production. But the company lowered its fiscal year 2012 production outlook.
Commercial printer Transcontinental Inc. posted a first-quarter loss on a tax provision.
ON BAYSTREET
The TSX Venture Exchange stepped forward 3.41 points to 1,639.51, while the Nasdaq Canada index moved 2.87 points higher to 412.02
All but three of the 14 Toronto subgroups started the day higher, led by global base metals and their cousins in the metals and mining group, each up 1.2%, and information technology, advancing 0.6%.
The three laggards were telecoms, off 0.7%, energy, down 0.3%, and utilities, sliding 0.03%.
ON WALLSTREET
In New York, stocks opened higher Tuesday as investors turned their attention to the Federal Reserve meeting, which wraps up this afternoon.
The Dow Jones Industrials gained 45.33 points to begin the session at 13,005.
The S&P 500 tacked on 6.86 points to 1,377.95, while the Nasdaq recovered 15.54 points to 2,999.20
Yahoo filed a lawsuit against Facebook late Monday, alleging that the social media giant infringed on 10 of its patents related to advertising, privacy, customization, messaging and social networking.
Intel shares nudged higher after reports that the chipmaker is planning an Internet-based television service.
Apple shares edged higher following upbeat comments from Wall Street analysts.
While the Fed is widely expected to keep interest rates near zero, investors will be looking closely at the central bank's statement for any clues about what the Fed may do in the coming months, in light of recent upbeat reports on the job market and the broader U.S. economy.
The European Union signed off Tuesday on another Greek bailout package after the country successfully completed a debt swap. The International Monetary Fund on Thursday is expected to back a €28-billion contribution over four years to the program. The rescue payment totals €130 billion.
Economically speaking, the U.S. government reported Tuesday morning that retail sales rose 1.1% in February, boosted by a surge in gasoline prices. That was slightly above the 1% rise anticipated by economists.
After the opening bell, investors will get a report on business inventories in January, which are forecast to rise 0.6%.
Treasury prices for the 10-year note slid, raising yields to 2.07% from Monday’s 2.03%. Treasury prices and yields move in opposite directions.
Oil for February delivery slipped 22 cents to $106.12 U.S. a barrel.
Gold futures for April delivery declined $3.40 to $1,696.40 U.S. an ounce.
