Equities in Canada’s busiest market edged higher on Tuesday as technology stocks gained, while the
country's economy grew as expected in November.
The TSX recovered 42.45 points to open for business Tuesday at 20,614.56.
The Canadian dollar let go of 0.10 cents at 74.62 cents U.S.
In earnings, Imperial Oil reported results before the markets opened. IMO shares slid 74 cents, or 1.1%, to $69.91.
On the economic calendar, Statistics Canada reported November’s GDP edged up 0.1% as growth in services-producing industries was partially offset by declines in goods-producing industries.
ON BAYSTREET
The TSX Venture Exchange moved upward 6.09 points, or 1%, to 623.68.
All but three of the 12 subgroups moved upward, with information technology perking 1.4%, health-care haler 1.2%, and industrials better by 0.5%.
The three laggards proved to be energy, off 0.8%, gold, dulling 0.4%, and utilities, weaker 0.3%.
ON WALLSTREET
The S&P 500 rose Tuesday as the broader market index heads for its best January since 2019.
The Dow Jones Industrials crept out of the hole in which it spent Monday night, re-claiming 26.39 points to open at 33,743.48.
The broader index restocked 13.4 points to 4,031.17.
The NASDAQ Composite jumped 51.02 points to 11,444.83.
A solid January could be a good sign for the market, and potentially foreshadow a continued uptick in the months that follow. Of the five instances in which the S&P gained more than 5% in January after a negative year, the benchmark index rose 30% for the year on average.
Some large companies reported earnings. Caterpillar shares fell more than 3% after the industrial giant reported weaker-than-expected earnings. Meanwhile, General Motors shares jumped more than 6% after posting strong earnings.
Investors are watching closely for comments on how some of the largest companies are faring amid high inflation and fears of slowing consumer spending.
The employment cost index, which is an important inflation measure for the Federal Reserve, showed compensation increased 1% in the fourth quarter. It was below the 1.1% estimate from the Dow Jones.
Prices for the 10-year Treasury inched higher, lowering yields to 3.54% from Monday’s 3.55%. Treasury prices and yields move in opposite directions.
Oil prices picked up 34 cents to $78.24 U.S. a barrel.
Gold prices gained $1.30 to $1,921.700.40 U.S. an ounce.
