Equities in Canada’s largest market pulled themselves from the wreckage of Monday’s heavy losses to climb by Tuesday’s closing bell.
The S&P/TSX Composite Index popped 96.13 points to finish at 16,280.09
The Canadian dollar docked 0.1 cents to 75.15 cents U.S.
Suncor Energy gained $1.77, or 3.4%, to $53.21, and Enbridge acquired $1.16, or 2.8%, to $42.72. Such hikes boosted the energy sector.
Among the biggest percentage gainers on the TSX were Alacer Gold, which jumped four cents, or 1.6%, to $2.59, and Shopify, which rose $2.75, or 1.4%, to $206.35.
Telecoms also defied gravity, as BCE took on eight cents to $53.89, while Rogers Communications climbed 92 cents, or 1.5%, to $62.51.
Among consumer staples, Metro inched forward two cents to $44.92, while Loblaw Companies advanced 56 cents to $67.99
Health-care stocks sagged, however, with Aphria moved backward 35 cents, or 2.7%, to $12.69, while Canopy Growth retreated 33 cents to $41.13.
In consumer discretionary stocks, Magna International subsided nine cents to $81.35.
Bank of Canada Governor Stephen Poloz is under pressure to justify another rate hike or risk credibility by changing course, with a clear-cut case for higher rates endangered by a raging trade war with the United States.
ON BAYSTREET
The TSX Venture Exchange backtracked 5.18 points to 745.09
All but two of the 12 TSX subgroups were positive at day’s end, with energy gushing 2.8%, telecoms surging 1.3%, and consumer staples up 1%
The two laggards were health-care, down 0.5%, and consumer discretionaries behind 0.1%.
ON WALLSTREET
Stocks closed slightly higher on Tuesday as energy shares rebounded from steep losses in the previous session, but mixed messages from the Trump administration regarding trade kept a lid on gains.
The Dow Jones Industrials recovered 30.31 points to 24,283.11, with Apple and Chevron rising 1.2% each.
The S&P 500 regained 5.99 points to 2,723.06, as energy rose more than 1%.
The NASDAQ recouped 29.62 points to 7,561.63, as Netflix rose 3.9%, after sliding 6.5% on Monday.
Stocks fell sharply on Monday, with the Dow dropping more than 300 points and the S&P 500 sliding 1.4%, its biggest one-day decline since April 6.
General Electric rose sharply on its first day after being booted from the Dow and posted its biggest one-day gain in three years. GE shares jumped 7.8% after the company revealed a plan to spin off its health-care business and sell its stake in Baker Hughes. The company also announced it will maintain its current dividend until the spin-off is complete.
Harley-Davidson declined almost 6% on Monday after announcing it will shift production of motorcycles headed for Europe to factories outside the U.S. Trump went after the motorcycle maker on Tuesday, saying in a tweet "they will be taxed like never before." Shares of Harley-Davidson slipped 0.6%.
Energy stocks jumped 1.4% after the State Department ordered companies who import Iranian oil to reduce them to zero by November.
Treasury Secretary Steven Mnuchin said in a tweet Monday that a report from the Wall Street Journal about the Trump administration planning to curb Chinese investment in U.S. tech was “fake news.” Mnuchin added, however, that those restrictions will apply to “all countries that are trying to steal our technology.”
Later on Monday, Peter Navarro, a trade advisor to President Donald Trump, told the media said there were no plans on slapping investment restrictions on China or other countries. He also called the stock market was overreacting to such fears.
However, White House press secretary Sarah Sanders doubled down on Mnuchin’s statement, saying in a press briefing: “As the secretary said, a statement would go out that targets all countries that are trying to steal our technology, and we expect that to be out soon.”
Prices for the benchmark for the 10-year U.S. Treasury regained lost ground, lowering yields back to Monday’s 2.88%. Treasury prices and yields move in opposite directions.
Oil prices took on $2.35 to $70.43 U.S. a barrel.
Gold prices slipped $8.50 to $1,260.40 U.S. an ounce.
