Equity markets in Toronto advanced on Tuesday, after comments by Russian President Vladimir Putin helped ease concerns that military conflict in Ukraine was imminent.
The S&P/TSX composite index approached noon Tuesday up 95.23 points to 14,307.97
The Canadian dollar was down 0.22 at 90.07 cents U.S.
Financials rose as Toronto-Dominion Bank advanced 0.8% to $50.33, and Scotiabank added 0.5% to $63.33.
Scotiabank reported a 6% rise in quarterly profit on the back of recent acquisitions and higher lending volumes, as well as increasing its quarterly dividend.
In other corporate news, Enbridge Inc said it would undertake a $7-billion replacement program in the mainline pipeline system running between Edmonton, and Superior, Wisconsin. The stock jumped nearly 2% to $47.78
Shares of Valeant Pharmaceuticals International rose 1.3% to $160.80, powering a hike by the health-care sector
ON BAYSTREET
The TSX Venture Exchange remained positive 4.23 points to 1,023.23.
All but one of the 14 Toronto subgroups were in the green at noon, most notably metals and mining, soaring 2.5%, while global base metals spiked 2.4% and information technology clicked 1.4% higher.
Only gold missed the party, sinking 0.1% midday
ON WALLSTREET
Investors jumped back into stocks Tuesday as worries about a military conflict between Russia and Ukraine abated.
The Dow Jones Industrial Average moved skyward 215.72 points, or 1.1%, to break for lunch Tuesday at 16,348.31
The S&P 500 index hiked 25.76 points to 1,871.49, a new all-time high. The NASDAQ added 76.20 points to 4,353.50
In corporate news, Radio Shack shares tumbled more than 20% after the electronics retailer said that it is closing about 1,100 stores, or about 20% of its total, amid plunging same-store sales.
Shares of tobacco company Lorillard extended Monday's gains amid ongoing speculation that it could be bought by larger rival Reynolds American
Apple shares edged higher after the iPhone maker said Chief Financial Officer Peter Oppenheimer would retire.
Gun maker Smith & Wesson will report earnings after the close.
On the economic front, U.S. President Obama is set to release his fiscal year 2015 budget proposal today. The budget will include a handful of proposals to help low- and middle-income families.
Overseas, President Vladimir Putin told reporters in Moscow that Russia has no intention of annexing Ukraine's Crimea region, where the Russians have military bases.
Earlier in the day, he ordered troops to return from military exercises.
But the Russian leader also called last month's ouster of Ukraine president Viktor Vanukovych, who is sympathetic to Moscow, an "anti-constitutional" coup and reserved the right to use military force.
Prices for 10-year U.S. Treasuries sank, raising yields to 2.68% from Monday’s 2.61%. Treasury prices and yields move in opposite directions.
Oil prices lost $1.45 to $103.47 U.S. a barrel.
Gold prices fell $12.70 to $1,337.60 U.S. an ounce.
