Markets in Toronto opened higher on Tuesday, led by gains in financial and material stocks.
The S&P/TSX Composite Index leaped 76.19 points to open Tuesday at 16,497.03
The Canadian dollar improved 0.12 cents at 76.05 cents U.S.
Jefferies starts coverage on Mav Beauty Brands with buy rating, and a price target of $15. Mav shares raced ahead 30 cents, or 2.3%, to $13.30.
Mizuho initiated coverage on Suncor Energy with a buy rating, and a $61 price target. Suncor shares vaulted 68 cents, or 1.3%, to $54.56.
Canaccord Genuity started coverage on Sun Life Financial with a hold rating and price target of $58.00. Sun Life shares took on 17 cents at the outset to $53.54.
ON BAYSTREET
The TSX Venture Exchange regrouped 1.91 points to 712.22.
All but three of the 12 TSX subgroups gained ground in the first hour, energy and materials picking up 1.1% each, while gold was better by 0.5%
The two laggards were health-care, down 0.5%, and consumer staples, ahead 0.2%
Telecom shares were unchanged to begin Tuesday’s session.
ON WALLSTREET
The NASDAQ Composite notched a record high Tuesday after strong financial results from Google-parent Alphabet led a wave of upbeat corporate earnings and a swell in technology stocks.
The Dow Jones Industrials soared 143.71 points to 25,188, with aircraft maker Boeing and equipment manufacturer Caterpillar leading the blue-chip names.
The S&P 500 climbed 20.11 points to 2,827.09, thanks to gain in materials, information technology and telecommunications stocks.
The NASDAQ gained 73.61 points to 7,915.48, buoyed by the rally in tech stocks, rose 0.9% after notching an all-time high at the opening bell.
Alphabet shares surged 4.5% to a record level after the company reported stronger-than-forecast quarterly results. Wall Street's top analysts are growing more confident over the prospects for many of Alphabet’s emerging businesses including YouTube, autonomous cars and cloud computing.
Facebook — which also clinched an all-time high — surged 2.1%, and Amazon rose 1.6 %
Eli Lilly also reported better-than-expected earnings. The company said it plans to file an initial public offering for its Elanco Animal Health unit as well. Shares of Eli Lilly rose 2.3% shortly after the opening bell.
Biogen shares jumped more than 5.2% after reporting earnings and revenue that beat expectations. Dow component United Technologies posted stronger-than-expected earnings and raising its full-year profit guidance, pushing its stock up 1.1%.
The earnings season is off to a strong start. Of the 21.4% of S&P 500 companies that have reported, 80.6% have topped analyst expectations for second-quarter earnings. Meanwhile, 74.1% of those companies have surpassed revenue estimates.
Prices for the benchmark for the 10-year U.S. Treasury were unchanged, keeping yields at Monday’s 2.96%.
Oil prices gained 41 cents to $68.30 U.S. a barrel.
Gold prices recovered three dollars to $1,228.60 U.S. an ounce.
