Stocks in Canada’s largest market came out on the plus side Tuesday, on the strength of tech and telecom stocks.
The S&P/TSX Composite Index surged 58,23 points to close Tuesday at 15,202.10
The Canadian dollar doffed 0.24 cents to 79.78 cents U.S.
The prize for biggest gainer went to tech stocks, primarily BlackBerry, climbing 22 cents, or 1.9%, to $11.91, while Shopify Inc. ballooned $15.33, or 13.3%, to $130.22.
Telecoms also had a banner day, with TELUS progressing 72 cents, or 1.6%, to $45.75, while BCE Inc. took on 50 cents to $59.02.
In the industrial field, Air Canada flew over the competition, triumphing $1.92, or 9.7%, to $21.75, while Canadian National Railways hiked $1.37, or 1.4%, to $99.89.
Energy stocks proved to be the biggest losers, as Suncor Energy swooned 31 cents to $40.36, while Spartan Energy went south 39 cents, or 6%, to $6.01.
ON BAYSTREET
The TSX Venture Exchange dropped 2.33 points at the close Tuesday to 768.03
All but two of the 12 TSX subgroups were higher on the day, as information technology skyrocketed 2.9%, while telecoms rushed 1.3% higher, and industrials improved 0.9%.
On energy, which fell 0.8%, and consumer discretionary stocks, dropping 0.2%, missed the party.
ON WALLSTREET
U.S. stocks closed higher on Tuesday, the first trading day of August, as the Dow Jones industrial average approached another milestone.
The Dow strengthened 71.5 points – off its highs of the day -- to 21,962.62, another record high close and to within sight of 22,000, with 3M and Goldman Sachs contributing the most gains.
The Dow is also coming off its strongest monthly performance since February, having risen 2.5%. Shares of Boeing contributed the lion’s share of the gains, adding more than 300 points to the index.
The S&P 500 grew 6.01 points to 2,476.31, with financials leading advancers.
The NASDAQ regained 14.81 points to 6,362.94
Earnings season is well underway with most companies topping expectations. In total, 72% of the S&P 500 companies that had reported as of Tuesday morning had beaten bottom-line estimates, while 69% had beaten on the top line
Earnings season continues Tuesday with tech giant Apple set to report after the close. Athletic apparel firm Under Armour reported better-than-expected quarterly results before the open, but the company's stock fell 8% on weaker-than-expected guidance.
Investors also turned their eyes to a slew of economic data on Tuesday. The IHS Markit manufacturing Purchasing Managers’ Index hit its highest level in four months in July, while U.S. construction spending declined 1.3% in June.
U.S. auto makers are also set to release monthly sales numbers throughout the day. Meantime, U.S. personal income for June remained unchanged, below an expected increase of 0.3%.
Prices for the benchmark 10-year Treasury note stayed higher, lowering yields to 2.26% from Monday’s 2.29%. Treasury prices and yields move in opposite directions.
Oil prices gave back 96 cents to $49.21 U.S. a barrel
Gold prices gained $3.70 to $1,277.10 U.S. an ounce.
