Equities in Canada’s largest market found early momentum Tuesday, as gains in communication and tech stocks powered the rise.
The TSX acquired 47.03 points to kick off the session at 20,072.17.
The Canadian dollar dipped 0.11 cents to 73.51 cents U.S.
Meanwhile, the big banks remained in focus as Bank of Montreal and Bank of Nova Scotia reported declines in third-quarter profits as the two Canadian lenders set aside more rainy-day funds to cover potential losses from loan defaults.
BMO shares began Tuesday down $1.90, or 1.7%, to $112.17, while Scotiabank shares recovered 86 cents, or 1.4%, to $63.68.
ON BAYSTREET
The TSX Venture Exchange dropped 0.44 points to 582.28.
All but two of the 12 TSX subgroups gained ground Tuesday, with communications chugging 1%, information technology picking up 0.6%, and consumer discretionary stock advancing 0.5%.
The two laggards were consumer staples, down 0.1%, and industrials, off 0.02%.
ON WALLSTREET
Stocks were higher Tuesday as investors looked to the final days of what’s been a difficult August for the market.
The Dow Jones Industrials gained 103.47 points to 34,663.45.
The S&P 500 index sprang up 24.5 points to 4,457.81.
The NASDAQ index hiked 121.23 points to 13,826.76.
Shares of retailer Best Buy added 5.1% after reporting an earnings beat. Telecommunications firm AT&T was also trading higher, while Salesforce ticked down 1.5% ahead of quarterly results.
Tuesday’s moves come a day after the S&P 500 notched its first two-day advance of the month. The benchmark index rose 0.6% on Monday, while the Nasdaq advanced 0.8%. The Dow gained 200 points in the previous session.
The major averages got a boost following the release of new U.S. economic data. The latest job openings and labor turnover survey showed a decline in open listings in July — a sign of stability in the jobs market. Meanwhile, the Conference Board’s consumer confidence index fell more than expected in August.
Prices for the 10-year Treasury gained a bit, lowering yields to 4.21% from Monday’s 4.21%. Treasury prices and yields move in opposite directions.
Oil prices handed back 35 cents to $79.75 U.S. a barrel.
Gold prices popped $12.50 to $1,959.30 U.S. an ounce.
