Canada's main stock index advanced on Tuesday, led by sharp gains in energy stocks as oil prices rose above $68 a barrel on supply cuts by the Organization of the Petroleum Exporting Countries and expectations of lower U.S. inventories.
The S&P/TSX Composite Index gained 80.07 points to approach midday at 16,145.93
The Canadian dollar added 0.08 cents at 74.74 cents U.S.
Among the biggest percentage gainers on the TSX were Baytex Energy, picking up eight cents, or 3.5%, to $2.40, and Compass Group PLC, rising 12 cents to $23.55.
Ivanhoe Mines fell four cents, or 1.2%, to $ 3.20, while Yamana Gold stepped back eight cents, or 2.2%, to $3.64.
ON BAYSTREET
The TSX Venture Exchange slid 0.32 points to 632.22
All but three of the 12 Toronto subgroups were positive approaching lunch hour, with energy shooting ahead 1.9%., consumer discretionaries up 0.7%, and industrials stronger by 0.6%.
The three laggards were consumer staples, down 0.3%, gold, dulling in price 0.2%, and real-estate off 0.1%.
ON WALLSTREET
Stocks rose on Tuesday as a decline in Treasury yields stabilized, assuaging fears of an economic slowdown.
The Dow Jones Industrials gained 195.93 points pause for noon at 25,712.76, led by a gain in Apple.
The S&P 500 spiked 20.45 points to 2,818.74, as the energy, tech and financials sectors outperformed.
The NASDAQ Composite held onto gains of 56.26 points to 7,693.80.
Apple rose more than 1.5%, recovering losses from the previous session as investors digested the company's launch of a slew of different
services. Shares of Facebook and Amazon also traded more than 1% higher.
Shares of Bed Bath & Beyond skyrocketed more than 27% after The Wall Street Journal reported three activist investors are trying to replace the company's entire board of directors.
Nvidia shares rose 3.1% after Piper Jaffray initiated coverage of the chipmaker with an overweight rating, noting its attractive valuation.
Housing starts south of the border fell 8.7% in February, widely missing expectations. Building permits declined, but at a slower rate than forecast by economists.
The Conference Board said U.S. consumer confidence declined in March to 124.1 from 131.4 in February.
Prices for the benchmark 10-year U.S. Treasury dropped slightly, raising yields to 2.43% from Monday’s 2.41%. Treasury prices and yields move in opposite directions.
Oil prices were up $1.33 at $60.15 U.S. a barrel.
Gold prices slid $8.30 to $1,314.30 U.S. an ounce.
