Canada's main stock index reversed course to trade higher on Tuesday, led by gains in industrial stocks, after U.S. President Donald Trump said he thought there will "a great deal" with China on trade.
The S&P/TSX Composite Index regained 85.87 points, in the shadow of several days of heavy losses, to open Tuesday at 14,807.62.
The Canadian dollar squirted ahead half a cent to 76.22 cents U.S.
Manulife Financial rose 86 cents, or 4.3%, to 20.72, after the company said it would ask a court in Saskatchewan to dismiss claims made against it by a hedge fund.
Health-care stocks led the charge, most notably cannabis producer Aphria, which jumped 99 cents, or 7.8%, to $13.76.
Guyana Goldfields plunged $1.60, or 52.3%, the most on the TSX, to $1.46, after reporting its third-quarter results and slashing its production guidance for gold in 2018.
Eldorado Gold also took a tumble, down two cents, or 2.1%, to 92 cents.
WestJet Airlines reported a quarterly profit on Tuesday that topped analysts' estimates as higher ticket prices helped offset an increase in fuel costs.
WestJet gained six cents to $19.18.
The United States urged European Union governments on Monday to reflect on whether it was really in their interest to go ahead with a trade dispute over U.S. metals tariffs, and said it was hopeful of settling the issue with Mexico and Canada.
Reports are circulating that Johnson Controls International is nearing a deal to sell its power solutions business, which makes car batteries, to Brookfield Asset Management Inc for between $13 billion and $14 billion. Brookfield shares took on 28 cents, to $52.65.
Canaccord Genuity started coverage on Altius Minerals with a buy rating. Altius shot higher 31 cents, or 2.5%, to $12.83.
National Bank of Canada raised the price target on Capital Power to $34.00 from $33.00. Capital shares trudged lower $1.06, or 3,7%, to $27.26.
National also cut the price target on Home Capital Group to $15.50 from $16.50. Home shares added five cents to $12.87.
ON BAYSTREET
The TSX Venture Exchange dropped 1.65 points to 628.53
All but three of the 12 subgroups were ahead of Monday’s close in Tuesday’s first hour, with health-care up 3.1%, industrials better by 1.8%, and materials, improving 0.7%.
The three laggards were utilities, down 0.4%, energy, backpedaling 0.1%, and consumer discretionary stocks, down 0.01%
ON WALLSTREET
U.S. stocks traded sharply higher Tuesday morning as markets looked to pare steep October losses in volatile trading.
The Dow Jones Industrials leaped 230.42 points to begin Tuesday at 24,673.34, as Goldman Sachs, Exxon Mobil and Verizon all outperformed.
The S&P 500 regained 21.68 points to 2,662.93, as gains in consumer staples and utilities stocks carried the index out of correction territory.
The NASDAQ recovered 50.86 points to 7,101.15, as gains in Apple, Facebook and Comcast offset losses in Amazon and Alphabet.
The Dow is down 6.6% this month, its worst performance since May 2010. The S&P 500 is off by 8.4% this month, its worst such period since February 2009. On Monday, the S&P 500 closed in correction territory, down 10.2% from its record.
Coca-Cola reported third-quarter earnings that topped Wall Street estimates, pushing shares up 1.2%.
General Electric shares rose 1.8% even after the company disclosed that the Securities and Exchange Commission is expanding its probe into the company's accounting practices.
Shares were higher earlier when GE said it would slash its quarterly dividend to just a penny a share, a bold move investors took to mean new CEO Larry Culp would take dramatic action to turn around the fallen blue chip.
On Monday evening, President Donald Trump told Fox News Channel that he thinks the U.S. will make a "great" trade deal with China, helping market sentiment somewhat.
This follows a Bloomberg News report on Monday that suggested the U.S. could be preparing to announce tariffs on all remaining Chinese imports by early December if talks between Trump and China President Xi Jinping breakdown next month.
Amgen, Baidu, eBay and Facebook are all set to publish their results after the closing bell.
Prices for the benchmark for the 10-year U.S. Treasury fell slightly, raising yields to 3.11% from Monday’s 3.10%. Treasury prices and yields move in opposite directions.
Oil prices dipped $1.29 at $65.75 U.S. a barrel.
Gold prices sank a dollar an ounce to $1,226.60
