Canada's main stock index gained on Tuesday as industrial, telecom and resource stocks edged higher, offsetting a subdued performance from some of the country's biggest banks.
The S&P/TSX composite index forged higher 48.48 points, to close at 13,082.86
The Canadian dollar inched higher 0.14 cents to 71.77 cents U.S.
Metals stocks won the day, as First Quantum Minerals powered ahead 6.4% to $5.12, and Teck Resources soared 6.1% to $5.06.
Health-care issues were hale as well, as Valeant Pharmaceutical International leaped $6.09, or 4%, to $158.09.
Tech issues such as BlackBerry also had a good day of it, BlackBerry soaring 2.4% to $12.49.
Gold stocks were roughed up, however, particularly Barrick Gold, down 0.4% to $10.40.
While energy sector finished in the black, there was trouble among the oil plays, as EnCana got bruised 5.2% to $6.52, and Crescent Point Energy took its lumps 0.9% to $15.28.
Canada's federal and provincial financial ministers are considering not raising premiums for the Canada Pension Plan, federal Finance Minister Bill Morneau said on Monday, despite his party’s campaign promise to enhance the plan.
ON BAYSTREET
The TSX Venture Exchange regained 0.45 points to 502.04
All but two of the 13 TSX subgroups finished the day higher, led by metals and mining stocks, up 4.1%, health-care, taking on 0.9%, and materials, better by 0.7%.
The two laggards were gold, down 0.7%, and financials, edging off 0.1%.
ON WALLSTREET
U.S. stocks closed much higher Tuesday, helped by stabilization in oil prices and recovery in hard-hit areas of the market this year.
The Dow Jones industrial average rocketed 165.65 points, or 1%, to 17,417.27. Caterpillar rose nearly 5% to contribute the most to gains. The stock is one of the worst performers in the Dow year-to-date, down more than 20%
The S&P 500 gained 17.99 points to 2,039.14, energy and industrials leading all 10 sectors higher. Energy is the worst performer in the S&P year-to-date, off more than 20%.
The NASDAQ index jumped 32.19 points to 5,001.11, reclaiming the psychologically key 5,000 level. The tech-heavy index underperformed the other major averages as Apple struggled for gains and slight declines in Amazon and Express Scripts weighed.
The S&P 500 and Dow Jones industrial average are negative year-to-date, while the NASDAQ is up about 5% for the year so far.
In corporate news, Nike is scheduled to report earnings after the closing bell. The stock traded nearly 1% higher in midday trade and is the top performer in the Dow year-to-date with gains of more than 35%.
Chipotle shares continued to fall, off more than 4.5% in midday trade. JPMorgan downgraded the stock to neutral from overweight citing the new food safety issues.
News broke Monday that the Centers for Disease Control is investigating a different E. coli strain at Chipotle. The stock hit a fresh 52-week low and is down more than 20% for the year so far.
In economic news, existing home sales declined 10.5% in November, far greater than expected.
The final read on third-quarter GDP came in at an annualized rate of 2%. Economists expected annual growth of 1.9%, down slightly from the second estimate of 2.1% but above the advance estimate of 1.5%.
Prices for the 10-year Treasury lost ground, raising yields to 2.24% from Monday’s 2.20%. Treasury prices and yields move in opposite directions.
Oil prices added 36 cents a barrel to $36.17 U.S.
Gold prices faltered $5.93 to $1,072.47 U.S. an ounce.
