Stocks in Toronto found their footing by noon and pulled away from the breakeven point Tuesday, led by tech and material stocks.
The TSX jumped 129.71 points to reach noon EST Tuesday at 20,701.82.
The Canadian dollar surged 0.26 cents at 74.97 cents U.S.
Among tech issues, Converge Technology Solutions soared 31 cents, or 5.5%, to $5.94, while Quarterhill acquired a dime, or 5.5%, to $1.91.
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 9.51points, or 1.5%, to 627.10.
All but three of the 12 subgroups moved upward, with information technology perking 1.7%, materials, up 1.4%, and financials, richer by 0.6%.
The three laggards proved to be utilities and communications, down 0.1%, and gold, virtually unchanged by noon.
ON WALLSTREET
The S&P 500 rose Tuesday as the broader market index heads for its best January since 2019.
The Dow Jones Industrials gained 64.6 points to pause for lunch at 33,781.69.
The S&P 500 acquired 22.62 points to 4,040.39.
The NASDAQ Composite popped 101.90 points to 11,495.71.
Some large companies reported earnings. General Motors shares jumped more than 6% after posting strong earnings. Exxon Mobil shares rose more than 1% after beating earnings and revenue expectations in its latest results.
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.
Attention also turns to the latest interest rate decision due out of the Federal Reserve’s latest policy meeting, which kicked off Tuesday. Traders widely expect a 25-basis-point increase, but will monitor commentary for clues into how much further the Fed intends to hike, or when it plans to cut rates.
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 62 cents to $78.52 U.S. a barrel.
Gold prices gained $4.50 to $1,927.40 U.S. an ounce.
