Equities in Canada’s largest market finished solidly in the green on Tuesday, after U.S. President Donald Trump looked forward aloud to "a great deal" with China on trade.
The S&P/TSX Composite Index spiked 172.75 points, or 1.2%, after several days of heavy losses, to conclude the session Tuesday at 14,765.71.
The Canadian dollar recovered 0.05 cents to 76.22 cents U.S.
Industrials led the way, as Bombardier succeeded six cents, or 1.9%, to $3.18, while Canadian National Railway gained $4.12, or 3.8%, to $111.79.
Health-care issues remained buoyant, including cannabis producer Aphria, which jumped 52 cents, or 4.1%, to $13.29, while Canopy Growth popped 99 cents, or 2.3%, to $44.47.
Tech stocks also enjoyed gains, as BlackBerry picked up 26 cents, or 2.3%, to $11.81, while Constellation Software soared $18.36, or 2.1%, to $883.77.
Utilities proved the lone wet blanket, as Hydro One dropped seven cents to $19.09.
ON BAYSTREET
The TSX Venture Exchange dropped 2.72 points to 627.46
All but one of the 12 subgroups were positive on the day, with industrials improving 2.8%, health-care up 2.2%, and information technology stronger 1.5%.
The lone laggard was in utilities, down 0.8%.
ON WALLSTREET
U.S. stocks snapped higher Tuesday as markets eased some of the month's brutal losses before the end of October.
The Dow Jones Industrials took flight 431.72 points, or 1.8%, to close at 24,874.64, as Goldman Sachs, McDonald's and Boeing all outperformed.
The S&P 500 regained 41.38 points, or 1.6%, to 2,682.63, as gains in real estate, energy and materials stocks carried the index out of correction territory.
The NASDAQ recovered 111.36 points, or 1.6%, to 7,161.65, as gains in Intel and Comcast offset losses in Amazon. The e-commerce giant shed 0.5% during the session.
The Dow is down nearly 6% this month, its worst performance since August 2015. The S&P 500 is off by 7.9% in October. 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 1.6%. Sales of diet soda and higher prices helped the company top earnings and revenue projections for the quarter, boosting profit by 30%.
General Electric more than 10% at its lows, dipping below $10 per share for the first time since 2009. The plunge came after the company disclosed that the Securities and Exchange Commission is expanding its probe into the company's accounting practices.
Shares initially moved higher when GE said it would slash its quarterly dividend to just a penny a share, but fell later in the day. The dividend cut was seen as a bold by investors, who took the action to mean new CEO Larry Culp would take dramatic action to turn around the fallen blue chip.
Apple unveiled a host of new iPad and Mac computer generations at its annual Brooklyn launch event on Tuesday. The iPhone maker, which will report earnings on Thursday, said the latest iPads will eliminate the home button and include Apple's facial recognition technology that was introduced last year.
With 279 of the companies in the S&P 500 having reported quarterly results, profits are expected to increase 23% a year earlier.
The Conference Board said its consumer confidence index rose to a print of 137.9 this month, driven primarily by a hot labor market and expectations that economic growth will remain solid in the near term. The reading is the highest level since September 2000; economists had expected the index to slip to 136.
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 86 cents at $66.18 U.S. a barrel.
Gold prices sank $2.40 an ounce to $1,225.20
