The Toronto stock market advanced Tuesday while traders reacted positively to the debut appearance before Congress by the new chair of the U.S. Federal Reserve.
The S&P/TSX composite index grew 103.08 points to greet noon at 13,897.26
The Canadian dollar gained 0.30 cents to 90.72 cents U.S.
On the earnings front, Cineplex Inc. had $20.2 million of net income or 32 cents per share, well below estimates of 48 cents. Revenue of $323.2 million also missed estimates and its shares fell 90 cents to $40.60.
Flight simulator maker CAE Inc. had $46.1 million of net income in its fiscal third quarter, up from $37.5 million a year earlier. Revenue grew to $513.6 million, up 2.5% from a year earlier and its shares dipped three cents to $13.87.
The gold sector advanced, as Barrick Gold tacked on 32 cents to $21.67
Financials were also supportive, as RBC advanced 42 cents to $70.40.
ON BAYSTREET
The TSX Venture Exchange added 8.47 points to 975.88
All but one of the 14 Toronto subgroups were positive midday, with gold surging 3.2%, materials ahead 1.9%, and global base metals tacking on 1.6%
Only utilities had dropped into the red by noon hour, sliding 0.1%.
ON WALLSTREET
Stocks ticked up Tuesday as new U.S. Federal Reserve Chair Janet Yellen stressed that monetary policy is unlikely to change much under her leadership.
The Dow Jones Industrial Average climbed 137.49 points to pause for noon ET at 15,939.28.
The S&P 500 index gained 13.35 points to 1,813.19. The NASDAQ added 26.93 points to 4,175.10.
On the earnings front, Sprint shares surged after the wireless carrier reported better-than-expected revenue and decent subscriber gains. The company posted a loss, but the losses narrowed from a year earlier.
Sprint has reportedly been thinking of making a bid for its rival T-Mobile. But there are doubts about whether a deal would pass regulatory muster.
CVS Caremark shares gained after the drugstore chain reported quarterly increases in sales and profit. The company made waves last week when it announced it would soon stop selling cigarettes and other tobacco products.
Shares of cloud-computing firm Rackspace Hosting tanked after CEO Lanham Napier said he would retire.
ConAgra Foods shares plunged after the packaged foods company cut its full year earnings outlook.
Yellen began testifying before the House Financial Services Committee mid-morning -- her first appearance since taking the helm of the central bank earlier this month.
In prepared remarks, Yellen said the central bank plans to continue easing its stimulus program, a big driver of the 2013 stock market rally.
Since January, the Fed has gradually been reducing the pace of that stimulus. After buying $85 billion U.S. in bonds per month since September 2012, the Fed said in December it would cut its purchases to $75 billion U.S., and then trimmed the size of its quantitative easing program to $65 billion U.S. in January.
Prices for 10-year U.S. Treasuries dipped, raising yields to 2.73% from Monday’s 2.68%. Treasury prices and yields move in opposite directions.
Oil prices faded 17 cents to $99.89 U.S. a barrel.
Gold prices rose $16.50 to $1,291.20 U.S. an ounce.
