Futures for Canada's main stock index hit record highs on Tuesday, helped by hopes of fresh U.S. stimulus measures and higher oil prices.
The S&P/TSX Composite gained 67.22 points Friday to close the week at 18,460.21, a jump of 324 points, or 1.8%, on the last five sessions.
The Canadian dollar inched lower 0.04 cents to 79.10 cents U.S.
March futures galloped 0.6% Tuesday.
Markets on both sides of the border were closed Monday, in Canada, for Family Day, and in the States for Presidents Day.
Rio Tinto has agreed to explore production of a low-carbon steel feedstock in Canada, the global miner said on Tuesday, as part of its strategy to reduce carbon emissions.
CIBC raised the target price on Aurora Cannabis to $18.5 from $17
Canaccord Genuity raised the target price on CAE to $34.00 from $32.00
RBC raised the target price on Constellation Software to $2,000 from $1,900
Canaccord Genuity initiates coverage on Osisko Development with a $12.00 target price
Statistics Canada reported Tuesday Canadian investors acquired an unprecedented $26.9 billion of foreign securities in December, largely purchases of U.S. shares.
Meanwhile, non-residents added $5.1 billion of Canadian securities to their holdings, the lowest investment in three months.
The Canadian Real Estate Association is out with MLS sales for January Tuesday morning.
ON BAYSTREET
The TSX Venture Exchange rebounded 30.04 points, or 2.9%, to 1,068.01, a gain on the week of 34 points, or 3.4%.
ON WALLSTREET
Futures contracts tied to the major U.S. stock indexes rose early Tuesday after a key volatility gauge Wall Street watches declined, which could unleash more buying from quant funds.
Futures for the Dow Jones rocketed 171 points, or 0.5%, to 31,567.
Futures for the S&P 500 picked up 19.75 points, or 0.5%, at 3,950.75.
Futures for the NASDAQ Composite added 73.75 points, or 0.5%, to 13,879.
The major averages finished last week at record levels even as February’s rally appeared to cool off somewhat. The Dow has gained 4.9% in February, while the S&P 500 increased 5.9% and the NASDAQ has rallied 7.8%, respectively. The S&P 500 has raked in 10 record closes in 2021.
CVS Health jumped more than 2% after the drugstore chain’s fourth-quarter earnings beat Wall Street’s expectations with its pharmacy sales getting a lift from providing COVID-19 testing and vaccines.
Bitcoin crossed $50,000 for the first time ever Tuesday, continuing its dizzying rally as more companies warmed to the crypto space.
Overseas, in Japan, however, the Nikkei gained 1.3%, while in Hong Kong jumped 1.9%.
Oil prices were in the plus 19 cents to $59.66 U.S. a barrel.
Gold prices lost $15.50 to $1,807.70 U.S.
