Markets in Toronto bolted out of the blocks Tuesday on after positive economic data from China indicated a recovery in the region and fears surrounding possible military action against Syria waned.
The S&P/TSX composite index galloped ahead 123.13, or 1%, to begin a short week at 12,777.03
The Canadian dollar added 0.19 cents at 94.99 cents U.S.
Canadian telecom stocks were also expected to benefit from news that Verizon Communications Inc is not planning to enter the Canadian wireless market, its chief executive said in an interview.
A member of BlackBerry's board committee tasked with exploring strategic alternatives said the company can survive as a niche smartphone maker but should sell off some parts, according to the Wall Street Journal. BlackBerry shares gained 36 cents to $11.00
Protesters gathered in Romania's capital Bucharest late on Monday for a second day of protests against the government's support for a plan to open Europe's biggest open-cast gold mine to international companies such as Canadian-based Gabriel Resources Ltd., whose shares declined 20 cents at $1.50
ON BAYSTREET
The TSX Venture Exchange jumped eight points to 947.31
All but two of the 14 Toronto subgroups were higher, led by telecoms, hiking 4.7%, global base metals, leaping 3%, and metals and mining, gaining 2.6%.
The two naysayers were consumer staples, down 0.3%, and utilities, listing lower by 0.1%.
ON WALLSTREET
Investors received quite the welcome back from Wall Street on Tuesday with two merger announcements.
The Dow Jones Industrials spiked 83.63 points to open Tuesday at 14,893.90
The S&P 500 index picked up 16.46 points to 1,649.43. The NASDAQ recovered 33.61 points to 3,623.48
With two deals set to transform the technology industry, traders saw reasons for optimism coming back after the summer stock market doldrums.
In the second-biggest merger ever, Verizon said it will pay $130 billion U.S. to take full control of Verizon Wireless, and Microsoft said it was buying Nokia's mobile phone business for $7.2 billion U.S.
Investors see Nokia as the big winner and Microsoft the loser in the $7-billion U.S. deal with Nokia's stock soaring. Microsoft's shares dipped sharply.
Verizon is also deemed the loser by the market, with its shares falling 4%.
Investors like the agreement between Time Warner Cable and CBS to end a month-long blackout and restore CBS programming to about three million viewers, with both stocks rising.
However, investors had some reasons to remain wary, following reports of a ballistic missile launch in the eastern Mediterranean region, which revived concerns about a U.S.-led strike on Syria.
Israel's Ministry of Defense confirmed that Israeli forces and the U.S. Missile Defense Agency had carried out a missile test and said Israel would release further information about the launch soon.
Prices for the 10-year U.S. Treasury sagged, raising yields to 2.83% from Friday’s 2.75%. Treasury prices and yields move in opposite directions.
Oil prices lost 24 cents to $107.41 U.S. a barrel.
Gold prices gained $6.30 to $1,402.40 U.S. an ounce.
