Stocks Spread Wings
The TSX Composite surged 255.13 points, or 1.3%, to close the week’s first session at 19,501.20, off its highs of the day, but even so, the index looked set to clock its biggest percentage gain in nearly a month.
The Canadian dollar tailed off 0.02 cents at 73.65 cents U.S.
Markets in Canada were closed Monday for Thanksgiving Day.
Most sectors were pointed upward Tuesday, with Vermilion Energy leading that group up, gaining $1.27, or 6.9%, to $19.56, while Canadian Natural Resources captured $4.58, or 5.5%, to $88.84.
In gold, Kinross Gold galloped 27 cents, or 4.3%, to $6.54, while Seabridge Gold brightened 65 cents, or 4.6%, to $14.74. In materials, Methanex strode higher $3.56, or 6.1%, to $61.19, while Stella-Jones jumped $3.44, or 5.3%, to $68.10.
Techs proved a fly in the ointment, with BlackBerry weakening 26 cents, or 5.1%, to $4.81, while Celestica sank six cents, or 4.1%, to $1.42.
In health issues, Bausch Health Companies stumbled 48 cents, or 4.3%, to $10.61.
Investors got some respite after top ranking Fed officials indicated that rising yields on long-term U.S. Treasury bonds could steer the central bank from further increases in its short-term policy rate.
ON BAYSTREET
The TSX Venture Exchange edged higher 0.55 points to wind up Tuesday at 534.09.
All but two of the 12 TSX subgroups were higher, with energy gushing 4.2%, gold brighter 2.4%, and materials mightier 2.2%.
The lone holdouts were in health-care and information technology, each off 0.1%.
ON WALLSTREET
U.S. stocks rose Tuesday, boosted by declines in Treasury yields as Wall Street assessed the geopolitical risks from the Israel-Hamas war.
The Dow Jones Industrials grew 134.65 points, to conclude Tuesday at 33,739.30.
The S&P 500 index grabbed 22.58 points to 4,358.24.
The NASDAQ index hiked 78.61 points to 13,562.84.
Palestinian militant group Hamas had launched a surprise attack against Israel on Saturday, prompting Israel to declare war on Hamas. The attack marks the deadliest offensive in 50 years, and has resulted in more than 1,800 deaths from the ongoing violence between Israel and Hamas, which governs the Gaza Strip. The market had a knee-jerk, downbeat reaction to the conflict on Monday, but stocks rallied on Tuesday.
Investors may also be looking past the geopolitical risks caused by the conflict, helped by Friday’s stronger-than-expected September payrolls report and optimism ahead of a slew of third-quarter earnings this week.
Prices for the 10-year Treasury popped, lowering yields to 4.65% from Monday’s 4.77%. Treasury prices and yields move in opposite directions.
Oil prices handed back 59 cents to $85.79 U.S. a barrel.
Gold prices added $9.60 to $1,873.90.
Provided Content: Content provided by Baystreet. The Globe and Mail was not involved, and material was not reviewed prior to publication.
