Toronto’s stock market did indeed fulfill its promise and moved higher on Tuesday, ahead of the U.S. Federal Reserve's two-day meeting as investors wait for clues about the timing of any interest rate hike.
The S&P/TSX composite index moved higher 55.23 points to begin the session at 14,524.23.
The Canadian dollar was up 0.40 cents to 89.28 cents U.S.
Founder Anthony Lacavera is stepping down as chief executive officer of fledgling Canadian wireless operator Wind Mobile, the company said on Monday, just weeks after he brokered new financing that made him one of Wind's largest shareholders.
Canada Pension Plan Investment Board plans to invest about one billion reais ($396 million) in commercial property in Brazil, a few months after the Toronto-based pension fund opened an office in São Paulo.
Barclays cut the rating on Baytex Energy to equal weight from overweight. Baytex shares dropped 44 cents to $34.31.
Barclays also cut the rating on Crescent Point Energy to equal weight from overweight. Crescent Point shares pointed lower by 17 cents to $36.93.
Canaccord Genuity raised the rating on Maple Leaf Foods to buy from hold. Maple Leaf shares gained 52 cents to $20.33.
ON BAYSTREET
The TSX Venture Exchange fell 1.65 points to 788.70.
All but three of the 14 Toronto subgroups were higher in the first hour of trading, led by financials, up 0.6%, industrials, improving 0.5%, and information technology, up 0.4%.
The three laggards were gold, down 0.4%, while consumer staples and health-care faded 0.1% each.
ON WALLSTREET
U.S. stocks opened slightly higher on Tuesday, as investors digested a slew of earnings reports as well as economic data.
The Dow Jones Industrials added 55.80 points to 16,873.74.
The S&P 500 gathered 9.96 points to 1,971.59. The NASDAQ index gained 41.40 points to 4,527.33.
Tech stocks got off to a strong start Tuesday as investors awaited the latest earnings results from Facebook Inc, whose shares were up by 45 cents, at $80.78 U.S, in advance of the social-media giant's third-quarter report, due after the close of trading.
Other gains came from Apple Inc., Netflix Inc. and Amazon.com Inc. A notable decliner was Twitter Inc., which saw its shares fall more than 12% to $42.33. At least three analysts cut their ratings on Twitter on concerns about slowing growth at the social-media company following its fourth-quarter revenue forecast.
Weaker-than-expected economic reports sapped sentiment ahead of the opening bell. Government data showed orders for durable goods fell unexpectedly in September, while home prices edged up by less than forecast in August.
Investors turn their attention to the two-day Federal Open Market Committee meeting that concludes on Wednesday, at which the Federal Reserve officials are widely expected to end the bond-buying stimulus program.
Prices for 10-year U.S. Treasuries dipped, raising yields to 2.28% from Monday’s 2.26%. Treasury prices and yields move in opposite directions.
Oil prices slipped 19 cents to $80.81 U.S. a barrel.
Gold prices tacked on $1.60 to $1,230.90 U.S. an ounce.
