Equities in Toronto recovered brilliantly Tuesday, in a rally powered by gold and metals.
The TSX popped 408.76 points, or 1.2%, to wind up Tuesday at 35,369.08
The Canadian dollar settled 0.17 cents to 70.89 cents U.S.
Resource stocks led the charge upward, with Discovery Silver progressing 83 cents, or 10.8%, to $8.55, while Capstone Silver ahead $1.09, or 8.8%, to $13.43.
Eldorado Gold grabbed $3.88, or 10%, to $42.87, while Avino Gold & Silver vaulting 73 cents, or 9.3%, to $8.56.
In the energy sector, Vermilion Energy piled on 68 cents, or 5%, to $14.40, while Enerflex hiked $11.36, or 4.2%, to $33.84.
In consumer staples, Empire Company lost 94 cents, or 1.9%, to $9.82, while Saputo dipped 53 cents, or 1.3%, to $41.13.
In telecoms, Cogeco Communications handed over 97 cents, or 1.5%, to $61.86. while Rogers sank 41 cents to $48.61.
Health-care also took its lumps, with Bausch Health Companies slid 23 cents, or 3.5%, to $6.38, while Sienna Senior Living dished off 13 cents to $22.94.
U.S. President Donald Trump imposed 50% tariffs on a broad range of Canadian imports, citing what the administration described as Canada's discriminatory treatment of American-made vehicles, alcohol and dairy products
In a separate development, Britain's new government is expected to invite Canada to join the delayed Global Combat Air Programme fighter-jet project, as European allies seek to reduce dependence on U.S. defence equipment and technology.
ON BAYSTREET
The TSX Venture Exchange catapulted 23.30 points, or 2.7%, to 873.07.
Seven of the 12 TSX subgroups were higher, as materials grabbed 4.5%, gold shot higher 4.4%, and energy improved 1.7%.
The five laggards were weighed by consumer staples, down 0.9%, telecoms, off 0.8%, and health-care, sliding 0.6%.
ON WALLSTREET
Stocks climbed on Tuesday, supported by chipmakers, as investors looked through the latest developments in the Iran war to focus on corporate earnings updates.
The Dow Jones Industrials rumbled higher 384.67 points to 52,223.93.
The S&P 500 bounced 65A.93 points to 7,509.21.
The NASDAQ Composite rocketed 329.13 points, or 1.3%, to 25,837.21.
3M shares jumped more than 7% after the industrial giant’s second-quarter earnings came in better than expected. Additionally, General Motors reported a beat on the top and bottom lines for the second quarter, lifting the stock 5%.
The reporting period is off to a strong start. Of the roughly 66 S&P 500 names that have reported, 500 names that have reported, nearly 88% have topped bottom-line estimates.
Big names set to report later this week include Alphabet, IBM and Tesla.
Semiconductors also gave a boost to the broader market. Marvell Technology jumped around 7%, while Astera Labs added 4%. Micron Technology advanced 12%, and Intel moved higher by 8%.
Prices for the 10-year Treasury backpedaled, raising yields to 4.63% from Monday’s 4.59%. Treasury prices and yields move in opposite directions.
Oil prices gained $1.76 to $84.99 U.S. a barrel.
Gold prices zoomed $72.00 to $4.067.90 U.S. an ounce.
