Energy stocks helped Canada's main stock index open higher on Tuesday, as oil prices hit an 11-month high on tighter supply and hopes of a drop in U.S. stockpile.
The TSX recovered 26.6 points to open Tuesday’s session at 17,961.05.
The Canadian dollar was unchanged at 78.29 cents U.S.
RBC initiated coverage on Finning International with an outperform rating. Finning scratched out a gain of five cents to $29.56.
RBC also initiated coverage on Toromont Industries with an outperform rating. Toromont acquired $1.05, or 1.2%, to $88.00.
RBC raised the target price on WSP Global to $137.00 from $123.00. WSP shares dropped 74 cents to $121.95.
ON BAYSTREET
The TSX Venture Exchange regained 6.94 points to 892.27.
Seven of the 12 subgroups were negative in the first hour, weighed by communications, down 0.7%, consumer staples, off 0.6%, and materials, sinking 0.4%.
The five gainers were co-led by energy and health-care stocks, each up 1.1%, and information technology, ahead 0.5%.
ON WALLSTREET
Stocks traded along the flatline on Tuesday as traders continue to weigh the market’s elevated valuations as well as rising U.S. Treasury yields.
The Dow Jones Industrials lost 60.38 points to 30,948.31. Visa and Honeywell each feel more than 1% to lead the Dow lower.
The S&P 500 eked up 2.8 points to 3,802.41. Energy was the best-performing sector in the S&P 500, rising 1.5%.
The S&P 500's forward price-to-earnings ratio was at 22.7, near its highest level since 2000. The boarder-market index’s high valuation comes as investors continue to pile into stocks despite a backdrop of rising COVID-19 infections and political turmoil.
The NASDAQ moved higher 31.44 points to 13,067.87.
Prices for the 10-Year Treasury sagged, lifting yields to 1.17% from Monday’s 1.14%. Treasury prices and yields move in opposite directions.
Oil prices advanced 36 cents to $52.61 U.S. a barrel.
Gold prices faded $10.40 to $1,840.40 U.S. an ounce.
