Canada's main stock index opened higher, catching up with gains in global equity markets following a Canadian long weekend, as investors cautiously awaited the release on Wednesday of minutes from the latest U.S. Federal Reserve meeting.
The S&P/TSX composite index began a short week up 129.18 points, or 1%, to 12,742.23
The Canadian dollar dropped half a cent to 97.16 cents U.S.
Stock markets in Canada were closed Monday for Victoria Day.
RBC cut the rating on Aurcana Corp. to underperform from sector perform given the continued slow ramp-up of Shafter, silver price weakness and balance sheet health. Aurcana shares plummeted 59 cents, or 21.1%, to $2.21
KBW raised the price target on Bank of Montreal to $63 from $62, saying weakness in the Canadian economy could also result in lower balance sheet growth and potentially lower earnings. BMO shares vaulted 71 cents to $62.89
No major Canadian economic data was released today
ON BAYSTREET
The TSX Venture Exchange gained 1.03 points to 935.71
All but one of the 14 Toronto subgroups were higher, led by gold, up 2.3%, energy, gaining 1.6%, and global base metals, chugging 1.5% higher
The lone naysayer was in health-care, 0.5% less robust.
ON WALLSTREET
With stocks trading near record highs Tuesday, investors were focused on two widely-followed companies: JPMorgan and Apple.
The Dow Jones Industrials gained 25.15 points to 15,360.40.
The S&P 500 index picked 4.34 points to 1,670.63. The tech-rich NASDAQ Composite slid 4.28 points to 3,492.16
With all three indexes up 17% to 18% so far this year, investors have been stepping back this week.
JPMorgan shareholders are set to vote on a proposal to split the roles of chairman and CEO, which are both held by Jamie Dimon. Shareholders also want to hear from the board about how they're shoring up risk controls.
Apple is also in focus as CEO Tim Cook and other executives appear on Capitol Hill to testify about the company's tax practices. A report released Monday by Senators John McCain and Carl Levin criticized Apple for its use of obscure subsidiaries and accounting tactics to reduce its tax burden.
Shares of Carnival plunged in early trading after the cruise ship operator slashed its earnings forecast, and said it was cutting prices in an effort to attract customers back onto its ships.
Traders say the market is in a holding pattern ahead of testimony Wednesday from Federal Reserve chairman Ben Bernanke.
Shares of Best Buy slid after the electronics retailer widely missed sales forecasts. Dick's Sporting Goods stock was under pressure after the retailer missed revenue forecasts and issued guidance in line with estimates.
On the flip side, shares of Home Depot rose after the home improvement retailer reported quarterly increases in revenue, profit and same-store sales. The company cited an improving housing market and raised its sales guidance for the fiscal year.
Yahoo shares rose after the company announced a revamped version of photo-sharing service Flickr late Monday, just hours after confirming it was buying blogging site Tumblr.
Yields for the 10-year U.S. Treasury registered at 1.98%
Oil prices dipped four cents to $96.67 U.S. a barrel.
Gold prices dropped another $16.30 at $1,367.80 U.S. an ounce
