The Toronto stock market registered a strong advance Tuesday as worries of an escalation in the Russian-Ukraine standoff lessened.
The S&P/TSX composite index ended Tuesday up 77.12 points to 14,289.86
The Canadian dollar was down 0.21 at 90.08 cents U.S., on the eve of the Bank of Canada's interest rate announcement
Meanwhile, Scotiabank reported $1.71 billion of quarterly net income, up 6.5% from a year earlier. Ex-items, earnings came in at $1.34 a share, which met estimates. The bank is raising its dividend 3% to 64 cents a share and its shares gained 15 cents to $63.18.
The base metals segment advanced as May copper clawed back Monday's two-cent loss and then some, up four cents to $3.21 U.S. a pound. Sector heavyweight Teck Resources climbed 38 cents to $24.68
The industrials group also provided lift, though Bombardier dropped two cents to $3.56.
Oil and gold gave back a good-sized chunk of the gains racked up on Monday. The energy sector rose marginally as Imperial Oil acquired 35 cents to $50.37, while Suncor inched forward eight cents to $36.73
The gold sector was off as Barrick Gold dropped 11 cents to $22.62, while Goldcorp scaled back 20 cents to $30.12.
ON BAYSTREET
The TSX Venture Exchange remained positive 3.23 points to 1,021.23.
All but two of the 14 Toronto subgroups closed the day higher, as metals and mining stocks ballooned 2.9%, global base metals were 1.8% stronger, and consumer discretionary stocks gained 1.1%.
The two laggards were gold, off 0.5%, and telecoms, down 0.05%.
ON WALLSTREET
Investors returned to stocks Tuesday as worries about a military conflict between Russia and Ukraine abated.
The Dow Jones Industrial Average moved skyward 227.85 points, or 1.4%, by Tuesday’s closing bell to 16,395.88
The S&P 500 index hiked 28.18 points to 1,873.91, a new all-time high. The NASDAQ added 74.67 points to 4,351.97
In corporate news, RadioShack 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. The stock fell last week after rival Sturm Ruger reported results that disappointed investors.
On the economic front, U.S. President Obama released his fiscal year 2015 budget proposal Tuesday. The $4-trillion proposal, not expected to pass Congress, includes more generous tax breaks for working families while scaling back breaks for the rich.
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 2.69% from Monday’s 2.61%. Treasury prices and yields move in opposite directions.
Oil prices lost $1.72 to $103.20 U.S. a barrel.
Gold prices fell $15.60 to $1,334.70 U.S. an ounce.
