Canada’s main stock index maintained substantial gains as Tuesday morning became afternoon, after a long holiday weekend, as positive results from an early stage trial of a COVID-19 vaccine and steady oil prices lifted investor sentiments.
The S&P/TSX Composite Index popped 235.63 points, or 1.6%, to wind its way into noon hour EDT Tuesday at 14,874.53.
The Canadian dollar hiked 0.28 cents to 72.02 cents U.S.
Markets in Canada were closed Monday for Victoria Day.
Health-care stocks were haler, with Aurora Cannabis sprinting $7.25, or 47.2%, to $22.60, while Bausch Health Companies hiked $2.45, or 11%, to $24.65.
In the industrial sector, Bombardier pointed upward five cents, or 12.2%, to 46 cents, while Chorus Aviation advanced 28 cents, or 11.7%, to $2.67.
Energy stocks were also in the green, with Crescent Point Energy up 26 cents, or 14.9%, to $2.00, while Cenovus Energy rocketed 58 cents, or 11.1%, to $5.79.
ON BAYSTREET
The TSX Venture Exchange leaped 16.87 points, or 3.2%, to 525.86.
All but two of the 12 TSX subgroups were positive, with health-care ahead 8.2%, industrials advancing 7.3%, and energy gushing 6.5%.
The two laggards were information technology, down 1.4%, and gold, sliding 1.3%.
ON WALLSTREET
The Dow Jones Industrial Average dipped on Tuesday after the market scored its best session in six weeks a day earlier on rising optimism about a coronavirus vaccine.
The 30-stock index came off its lows of the morning, but remained 20.56 points below Monday’s close at 24,576.81.
The S&P 500 eked higher 4.04 points to 2,957.95.
The NASDAQ reversed course and jumped 60.55 points to 9,295.38.
The 30-stock Dow jumped more than 900 points Monday, while the S&P 500 closed the day up 3.2%, hitting its highest level since March 6.
Gains from Facebook, Apple and Amazon lifted the tech-heavy NASDAQ. Facebook and Apple both rose more than 0.7%. Amazon shares traded 1.5% higher.
Investors looked ahead to testimony from Treasury Secretary Steven Mnuchin and Federal Reserve Chairman Jerome Powell. Their testimony is part of required updates to Congress on the economic response to the coronavirus pandemic.
Data compiled by Johns Hopkins University shows more than 4.8 million cases have been confirmed worldwide, with over 1.5 million of those infections in the U.S. alone.
Prices for the 10-Year Treasury gained ground, lowering yields to 0.71% from Monday’s 0.74%. Treasury prices and yields move in opposite directions.
Oil prices added 43 cents to $32.25 U.S. a barrel.
Gold prices hiked $8.60 to $1,743 U.S. an ounce.
