Canada's main stock index took a page from its American cousins on Tuesday and reached for the rafters, led by tech stock gains.
The S&P/TSX Composite Index vaulted 170.27 points, or 1.1%, to conclude Tuesday at 15,579.74
The Canadian dollar took on 0.32 cents to 77.31 cents U.S.
Tech stocks led the parade, with BlackBerry gaining 36 cents, or 2.9%, to $12.64, while Constellation Software galloped $52.15, or 6%, to $927.14.
Canadian Tire gained $1.18 to $148.53, while Magna International picked up 87 cents, or 1.4%, to $63.77
Among industrials, Bombardier picked up three cents to $4.02, while Canadian National Railway hiked $1.80, or 1.6%, to $111.96.
The Bank of Canada said on Monday, in its quarterly survey of business, that companies reported rising pressure on capacity, labour and prices amid signs of stronger sales.
The central bank has raised rates four times since July 2017 and most market players expect another hike on Oct. 24. Governor Stephen Poloz said in late Sept. that he did not want to let inflation momentum build.
On the economic calendar, Statistics Canada reported that foreign investment in this country slowed to $2.8 billion in August, down from $15.3 billion in July.
At the same time, the agency says, Canadian investors reduced their holdings of foreign securities by $194 million as they acquired bonds but sold equities.
ON BAYSTREET
The TSX Venture Exchange sank 11.55 points, or 1.6%, to 699.81
All but two of the 12 subgroups gained ground, as information technology sprang up 4%, consumer discretionary and industrials each gaining 1.3%.
The two laggards were health-care, ailing 3.4%, while gold dulled in price 0.8%.
ON WALLSTREET
Stocks rose sharply on Tuesday after the release of strong quarterly results from some of the largest U.S. companies helped the market recover from last week's selloff.
The Dow Jones Industrials surged 547.87 points, or 2.2%, to close at 25,798.42, with UnitedHealth outperforming.
The S&P 500 recovered 59.13 points, or 2.2%, to 2,809.92, as the tech and health care sectors jumped more than 2.5% each.
The NASDAQ popped 214.74 points, or 2.9%, to 7,645.49
With Tuesday's sharp gains and following a rally on Friday, the Dow has risen more than 4.5% from the lows seen last week.
Morgan Stanley jumped 5.7% after reporting better-than-expected earnings. Goldman Sachs' profits also beat estimates, sending the stock up 3%. Dow-members Johnson & Johnson and UnitedHealth both posted better-than-expected earnings, sending their shares higher.
Morgan Stanley's quarterly results were driven by a 15% jump in investment-banking revenue. Goldman Sachs' investment banking business also drove it to a better-than-expected profit.
Investors turned their eyes to Netflix after the close on Tuesday, as the company released its quarterly results. The company's earnings easily beat analyst expectations and sent Netflix shares up more than 14% in after-hours trading.
Investors came into the earnings season with high hopes. Analysts expect third-quarter S&P 500 earnings to have grown by 19%
However, Dow-component Walmart slashed its fiscal 2019 earnings forecast on Tuesday, citing its Flipkart acquisition. The earnings season comes as Wall Street tries to recover from sharp losses seen last week.
In data, job openings hit a record by surging above seven million in August, according to the U.S. Labor Department.
Prices for the benchmark for the 10-year U.S. Treasury fell back, boosting yields to 3.16% from Monday’s 3.15%. Treasury prices and yields move in opposite directions.
Oil prices recouped 39 cents at $72.17 U.S. a barrel.
Gold prices acquired $17.60 to $1,211 U.S. an ounce.
