Equity markets in Toronto climbed on Tuesday as shares of banks and insurers rose on optimism over strong U.S. profit reports as the fourth-quarter earnings season got underway.
The S&P/TSX composite index advanced 34.24 points to greet noon at 14,299.25.
The Canadian dollar acquired 0.22 cents to 83.74 cents U.S.
Financials, rose as Toronto-Dominion Bank gained 1% to $52.60. Sun Life Financial Inc was up 1.5% at $40.64, and rival Manulife Financial strengthened 0.8% to $21.50.
Shares of energy producers climbed despite the oil-price decline. Canadian Natural Resources advanced 1.3%to $32.23, and Suncor Energy added 2.4% to $35.13.
A selloff in copper weighed on mining stocks. First Quantum Minerals Ltd tumbled 8.8% to $14.43, and Teck Resources gave back 3.9% to $14.99.
ON BAYSTREET
The TSX Venture Exchange docked 4.11 points to 675.88
All but four of the 14 Toronto subgroups were higher midday, as telecoms, information technology, and real-estate all gained 1.3% each.
The four laggards were weighed most heavily by metals and mining, which collapsed 7.1%, global base metals, down 2.7%, and materials, off 2.5%.
ON WALLSTREET
U.S. stocks rallied on Tuesday, with equities bouncing back after a two-session drop, as aluminum-producer Alcoa kicked off the fourth-quarter earnings season by beating estimates.
The Dow Jones Industrials bolted higher 184.57 points, or 1.1%, to 17,825.41, off its highs of the morning, but still lifting the blue-chip index back into positive terrain for the year.
The S&P 500 regained 17 points to 2,045.26, with technology leading a broad advance that included all 10 major industry groups.
The NASDAQ index hiked 61.20 points to 4,725.91
Apple shares surged after Credit Suisse upgraded the supplier of consumer technology to outperform from neutral.
With the fourth-quarter earnings season started, investors are on the lookout for the effect of crude's decline on the S&P 500's collective bottom line, with oil prices on Tuesday falling to near six-year lows as a major OPEC producer stuck to the cartel's decision not to reduce output.
Prices for 10-year U.S. Treasuries fell, raising yields to 1.93% from Monday’s 1.91%. Treasury prices and yields move in opposite directions.
Oil prices settled back 21 cents per barrel to $45.86 U.S.
Gold prices spiked $5.30 an ounce at $1,238.10 U.S.
