Stocks in Canada’s biggest centre opened higher on Tuesday as gains in health-care showed the way, with sentiment bolstered by U.S. President Donald Trump's assurance that the trade deal with Beijing was intact.
The S&P/TSX Composite Index popped 113.26 points to begin Tuesday at 15,630.16.
The Canadian dollar was unchanged at 74 cents U.S.
Air Canada said on Monday it had closed two additional financing deals for net proceeds of $1.23 billion, as it shores up funds to meet expenses amid the coronavirus crisis.
Air Canada shares were grounded 17 cents to $18.37.
Canaccord Genuity started coverage on Airboss Of America with a buy rating, target price of $27.00. Airboss shares zoomed 96 cents, or 5.4%, to $18.75.
RBC raised the target price on Canadian Utilities to $39.00 from $38.00. Canadian Utilities climbed $1.23 a share, or 3.9%, to $33.09.
Canaccord Genuity resumes coverage on Exchange Income Corp. with a buy rating, $35 target price. Exchange Income shares squeezed higher six cents to $28.28.
ON BAYSTREET
The TSX Venture Exchange poked ahead 6.97 points, or 1.2%, to 584.41.
All 12 subgroups gained ground in the first hour, led by health-care, up 3.5%, gold, climbing 1.5%, and materials, ahead 1.4%.
ON WALLSTREET
Stocks rose on Tuesday after White House trade advisor Peter Navarro clarified that the U.S.-China trade deal is not over.
The Dow Jones Industrials jumped 187.56 points to open Tuesday at 26,212.52
The S&P 500 gained 26.05 points to 3,143.91.
The NASDAQ took on 96.28 points, or 1%, to 10,152.71, for its eighth consecutive gain, and yet another intraday record.
Navarro insisted his remarks were taken "wildly out of context", in commenting that the trade deal was over.
In his subsequent statement, Navarro said, "I was simply speaking to the lack of trust we now have of the Chinese Communist Party after they lied about the origins of the China virus and foisted a pandemic upon the world."
Apple was among the best-performing stocks, gaining 1% and hitting a record high. Bank stocks rose broadly. JPMorgan Chase, Citigroup, Wells Fargo and Bank of America all rose 1.5%.
The number of newly confirmed coronavirus cases at home and abroad continues to increase, raising questions about economic recovery from the virus. The largest single-day increase in global coronavirus cases was recorded on Sunday, according to the World Health Organization, after more than 183,000 new cases were reported worldwide.
The U.S. saw more than 36,000 new cases reported on Sunday after more than 30,000 new cases were reported on both Friday and Saturday, data compiled by Johns Hopkins University showed. Widespread testing is contributing to the uptick in reported cases.
Prices for the 10-Year Treasury lost ground, boosting yields to 0.72% from Monday’s 0.70%. Treasury prices and yields move in opposite directions.
Oil prices grew 29 cents to $41.02 U.S. a barrel.
Gold prices improved $18.10 to $1,784.50 U.S. an ounce.
