Stocks in Toronto opened higher on Tuesday, helped by energy shares on the back of higher crude prices, although gains were limited by concerns around a global recession.
The S&P/TSX picked up Tuesday from where it left off Monday, adding 114.08 points to 19,297.71.
The Canadian dollar moved upward 0.26 cents to 77 cents U.S.
Credit Suisse raised the rating on Gibson Energy to neutral from underperform. Gibson shares triumphed 66 cents, or 2.8%, to $24.58.
Tech stocks also fared well in the early going, with Lightspeed Commerce hiking 71 cents, or 2.5%, to $28.86.
In real-estate, units of First Capital REIT rose 24 cents, or 1.6%, to $14.84.
On the economic scene, Statistics Canada reported retail sales increased 0.9% to $60.7 billion in April. Sales were up in six of 11 subsectors, led by higher sales at general merchandise stores.
The agency also said new home prices for Canada were up 0.5% in May compared with April, following a 0.3% rise in the previous month. Prices were up in 14 of the 27 census metropolitan areas surveyed and unchanged in the other half.
ON BAYSTREET
The TSX Venture Exchange accelerated 6.11, or 1%, to 648.06.
All but two of the 12 TSX subgroups moved higher with energy posting a gain of 2.3%, information technology clicking 1% higher, and real-estate improving 0.7%.
The two laggards were communications, settling 0.2%, and materials, inching back 0.03%.
ON WALLSTREET
Stocks rose Tuesday following a brutal week as investors assessed a more aggressive Federal Reserve and rising chances of a recession.
The Dow Jones Industrials tried to make up for falling so heavily last week by ballooning 520.99 points, or 1.7%, to begin a shortened week at 30,409.77.
The S&P 500 rallied 88.44 points, or 2.4%, to 3,764.28.
The NASDAQ Composite screamed higher 321.18 points, or 3%, to 11,119.53.
The blue-chip Dow slid 4.8% last week, dipping below 30,000 for the first time since January 2021 last week. The tech-heavy NASDAQ slipped 4.8% last week.
Markets were shuttered Monday for the “Juneteenth” holiday.
Major tech stocks moved higher. Shares of Apple, Amazon, Google-parent Alphabet and Meta all climbed more than 1%.
Shares of Kellogg jumped more than 5% after the company said it would split into three separate companies.
Airline stocks soared amid hopes of a summer travel boom. Shares of Spirit Airlines jumped more than 8% after JetBlue raised its takeover offer to $33.50 a share, even as Spirit deliberates a proposed merger with Frontier Group. JetBlue’s stock price jumped 1.4%.
Investors will monitor incoming data, including existing home sales on Tuesday, to gauge the health of the economy. Recent data showing low consumer confidence, falling retail spending and a cooling housing market have fueled recession fears as the Fed battles inflation at 41-year highs.
Treasury prices slumped, raising yields to 3.30% from Friday’s 3.23%. Treasury prices and yields move in opposite directions.
Oil prices recovered $2.07 to $111.63 U.S. a barrel.
Gold prices regained 90 cents to $1,841.50 U.S. an ounce.
