Equity markets advanced on Tuesday as investors responded positively to comments from Federal Reserve Chair Janet Yellen on the U.S. central bank's monetary policy direction.
The S&P/TSX composite index gained 26.08 points to greet noon at 15,226.34
The Canadian dollar faded 0.16 cents to 79.38 cents U.S.
Overall Tuesday's gain helped lift the benchmark index up nearly 4% so far this month.
Base metals led a battalion of rising stock sectors, with First Quantum triumphing 80 cents, or 5.7%, to $14.92.
Bank of Montreal shares shed 1.4% to $76.30, after the lender posted a smaller-than-expected first-quarter profit, hurt by the impact of declining long-term interest rates on its insurance unit and lower investment and corporate banking revenues.
Bank of Nova Scotia shares lost 0.7% to $65.44.
Shares of energy producers climbed with oil prices. Canadian Natural Resources advanced 1.3% to $37.87, and Suncor Energy Inc added 0.3% to $38.80
Real-estate stocks retreated, as units of H&R Real Estate Investment Trust dipped 35 cents, or 1.5%, to $23.28.
ON BAYSTREET
The TSX Venture Exchange dropped 2.24 points to 689.99
All but three of the 14 Toronto subgroups were higher by noon, led by metals and mining, up 3.7%, global base metals, stronger by 2.8%, and consumer staples, better by 1.1%.
The three laggards were real-estate, sliding 0.8%, gold, down 0.7%, and financials, down by 0.1%.
ON WALLSTREET
U.S. stocks traded up near highs on Tuesday as the first of Fed Chair Janet Yellen's two-day congressional testimonies indicated that a rate hike would come later rather than sooner.
The Dow Jones Industrials bolted 76.24 points to 18,193.08, led by JPMorgan Chase and Home Depot.
The S&P 500 improved 4.45 points to 2,114.11. The NASDAQ index was better by 2.80 points to 4,963.77.
Home Depot posted fourth-quarter earnings that beat expectations, with ex-items earnings of $1.00 U.S. per share, up from 73 cents U.S. a share in the year-earlier period. Revenue increased to $19.2 billion from $17.7 billion U.S. a year ago. Same-store sales rose 7.9% in the quarter.
Macy's reported earnings for the holiday quarter that missed analyst estimates.
Home builder Toll Brothers easily topped estimates on earnings and revenue as the firm sold more homes at higher prices. Toll earned 44 cents U.S. per share for its first quarter, well above estimates of 30 cents U.S.
Comcast earned an adjusted 77 cents U.S. per share for the fourth quarter, one cent below estimates, though revenue was above Street forecasts. Comcast raised its annual dividend by 11% to $1 U.S. per share and increased its share repurchase authorization to $10 billion U.S.
Hewlett-Packard, Lending Club, Boston Beer, Dreamworks Animation, First Solar, La Quinta and Newfield Exploration are due after the bell.
On the data front, the S&P/Case-Shiller composite index of home prices in 20 cities increased by 4.5% in December from the same period last year.
U.S. consumer confidence fell more than expected in February, pulling back from a multi-year high according to a private sector report released on Tuesday.
Yellen addresses the Senate Banking, Housing and Urban Affairs Committee on Tuesday and the House Financial Services Committee on Wednesday.
Yellen's prepared remarks said no rate hike is expected for the next few Federal Open Market Committee meetings.
Prices for 10-year U.S. Treasuries pointed up slightly, lowering yields to 2.04% from Monday’s 2.06%. Treasury prices and yields move in opposite directions.
Oil prices acquired 23 cents per barrel to $49.68 U.S.
Gold prices skidded $6.60 an ounce to $1,194.20 U.S.
