Equities in Canada’s biggest market resumed their climb Tuesday, grabbing gains in triple-digits, powered largely by gold and materials stocks.
The TSX Composite spiked 110.29 points, to close Tuesday at 21,034.59.
The Canadian dollar regained 0.06 cents at 74.25 cents U.S.
Resource issues were the champions Tuesday, as IAMGOLD popped 47 cents, or 15.1%, to $3.58, while Wesdome Gold hiked 50 cents, or 6.6%, to $8.11.
Lundin Mining perked 56 cents, or 5.5%, to $10.55, while Capstone Mining grabbed 25 cents, or 4.2%, to $6.27.
In consumer discretionary issues, Sleep Country jumped out of bed 71 cents, or 2.8%, to $26.26, while Dollarama advanced $2.17, or 2.2%, to $101.54.
Real-estate stocks declined, as FirstService dumped $1.57, or 0.7%, to $219.65, while Altus Group forfeited 29 cents, or 0.7%, to $43.77, while Innergex Renewable Energy fell off 17 cents, or 1.8%, to $9.10.
Investors look forward to the much-awaited Bank of Canada monetary policy meeting, due Wednesday, for the central bank's direction on interest rate cuts.
The BoC is expected to leave its key overnight rate unchanged this time, but stubborn inflation has delayed the timeline for the first rate cut in almost four years.
Money market participants are now pricing in just over 22% chances of a cut in borrowing costs in March, while a majority of over 56% are expecting a cut in April.
ON BAYSTREET
The TSX Venture Exchange squeezed ahead 0.05 points to conclude the session at 551.36.
All but two of the 12 subgroups gained ground, led by gold, climbing 2.3%, materials, progressing 2%, and consumer discretionary stocks, up 0.7%.
The lagging pair proved to be real-estate, declining 0.2%, and utilities, off 0.1%.
ON WALLSTREET
The Dow Jones Industrial Average fell Tuesday, pulling back from record-breaking highs as traders pored through the latest batch of corporate earnings.
The blue-chip index dropped 96.36 points to 37,905.45, retreating below the 38,000 level that was crossed for the first time on Monday.
Tuesday’s losses resulted in the index snapping a three-day winning streak. The big board pressured by a nearly 12% decline in 3M following disappointing guidance. Johnson & Johnson fell more than 1% after reporting earnings.
The S&P 500 index gained 14.17 points to 4,864.60. With the advance, the S&P 500 recorded a fresh all-time closing high.
The NASDAQ triumphed 65.66 points to 15,425.94.
D.R. Horton dropped more than 9% after the homebuilder missed Wall Street’s consensus forecast for per-share earnings. Lockheed Martin slipped more than 4% following a weak outlook for full-year earnings per share.
On the other hand, United Airlines rose more than 6% after reporting strong fourth-quarter results. However, the airline operator said it expects a first-quarter loss from the grounding of Boeing 737 Max 9 airplanes, the model involved in the Alaska Airlines emergency earlier this month.
Shares of other airline operators rose in tandem. American Airlines, Southwest Airlines and Delta Air Lines and Alaska added more than 3%.
Elsewhere, Verizon and Procter & Gamble helped mitigate losses for the Dow. The pair gained more than 6% and 4%, respectively, as investors bought in following the companies’ financial reports.
But investors are deliberating how long the gains can persist, especially as the rally this year has centered around tech stocks such as Nvidia, while broader participation has continued to disappoint.
Investors will be closely watching a slate of economic reports due out this week, including gross domestic product data on Thursday and the personal consumption expenditures prices on Friday. Both reports could provide insight into how central bank policymakers view monetary policy moving forward.
Prices for the 10-year Treasury flopped, boosting yields to 4.14% from Monday’s 4.10%. Treasury prices and yields move in opposite directions.
Oil prices slipped 25 cents to $74.51 U.S. a barrel.
Gold prices picked up $7.60 to $2,029.80.
