Skip to main content
The Globe and Mail
Support Quality Journalism.
The Globe and Mail
First Access to Latest
Investment News
Collection of curated
e-books and guides
Inform your decisions via
Globe Investor Tools
Just$1.99
per week
for first 24 weeks

Enjoy unlimited digital access
Enjoy Unlimited Digital Access
Get full access to globeandmail.com
Just $1.99 per week for the first 24 weeks
Just $1.99 per week for the first 24 weeks
var select={root:".js-sub-pencil",control:".js-sub-pencil-control",open:"o-sub-pencil--open",closed:"o-sub-pencil--closed"},dom={},allowExpand=!0;function pencilInit(o){var e=arguments.length>1&&void 0!==arguments[1]&&arguments[1];select.root=o,dom.root=document.querySelector(select.root),dom.root&&(dom.control=document.querySelector(select.control),dom.control.addEventListener("click",onToggleClicked),setPanelState(e),window.addEventListener("scroll",onWindowScroll),dom.root.removeAttribute("hidden"))}function isPanelOpen(){return dom.root.classList.contains(select.open)}function setPanelState(o){dom.root.classList[o?"add":"remove"](select.open),dom.root.classList[o?"remove":"add"](select.closed),dom.control.setAttribute("aria-expanded",o)}function onToggleClicked(){var l=!isPanelOpen();setPanelState(l)}function onWindowScroll(){window.requestAnimationFrame(function() {var l=isPanelOpen(),n=0===(document.body.scrollTop||document.documentElement.scrollTop);n||l||!allowExpand?n&&l&&(allowExpand=!0,setPanelState(!1)):(allowExpand=!1,setPanelState(!0))});}pencilInit(".js-sub-pencil",!1); // via darwin-bg var slideIndex = 0; carousel(); function carousel() { var i; var x = document.getElementsByClassName("subs_valueprop"); for (i = 0; i < x.length; i++) { x[i].style.display = "none"; } slideIndex++; if (slideIndex> x.length) { slideIndex = 1; } x[slideIndex - 1].style.display = "block"; setTimeout(carousel, 2500); } //

Canada’s S&P/TSX Composite Index posted an advance Tuesday to close at another record high, even as the S&P 500 index finished lower, thanks to an uptick in the energy and materials sectors.

The Canadian benchmark index closed up 77.35%, or 0.41%, to 19,104.14, with the energy sector rising nearly 1% and materials 2%. Performance was otherwise mixed and lacklustre. Transat A.T. shares lost a further 3.84% following news Friday that Air Canada dropped its bid for the company.

Strong economic data from China and the United States helped lift oil prices, recouping some of the previous session’s losses. U.S. West Texas Intermediate (WTI) crude rose 68 cents, or 1.2%, to settle at $59.33 a barrel.

Story continues below advertisement

Oil prices were buoyed as data showed U.S. services activity touched a record high in March. China’s service sector also gathered steam with the sharpest increase in sales in three months.

In addition, England is set to ease more coronavirus restrictions on April 12, allowing businesses including all shops, gyms, hair salons and outdoor hospitality venues to reopen.

The market is recovering from steep losses on Monday, when oil fell by about $3 because of increasing OPEC+ oil supply and rising COVID-19 infections in India and parts of Europe.

The Organization of the Petroleum Exporting Countries (OPEC) and allies, known as OPEC+, agreed last week to return 350,000 barrels per day (bpd) of supply in May, another 350,000 bpd in June and a further 400,000 bpd or so in July.

Gold prices rose about 1% and hit the highest in more than a week, boosted by a retreating U.S. dollar and lower U.S. Treasury yields. Spot gold was trading at $1,743.04 per ounce in late afternoon trading.

Gold has been lifted temporarily by a steady decline in the dollar index and lower Treasury yields, said Phillip Streible, chief market strategist at Blue Line Futures in Chicago.

The U.S. dollar fell to a near two-week low, making gold cheaper for holders of other currencies, while benchmark U.S. Treasury yields drifted lower.

Story continues below advertisement

U.S. 5-year notes led the decline in yields, falling seven basis points to 0.872% after hitting 14-month highs on Monday. U.S. 10-year and 30-year yields fell to more than one-week lows.

The Canadian five-year government bond yield - influential on fixed mortgage rates of the same duration - was quoted at 0.95% in late afternoon trading, its lowest level since the end of March.

Stocks on Wall Street pulled back from the prior session’s record closing highs, as investors trained their focus on the approaching earnings season and the Federal Reserve’s economic outlook.

All three major U.S. stock indexes closed in the red, led by the blue-chip Dow, which notched an all-time closing high on Monday.

“It’s a normal follow-on to a strong day,” said Matthew Keator, managing partner in the Keator Group, a wealth management firm in Lenox, Massachusetts. “The market is catching its breath from the job number and a strong day like yesterday, which reflected a high in the market.”

The market often takes a breath as earnings season draws near, a first-quarter results will be significant, marking the anniversary of the coronavirus outbreak.

Story continues below advertisement

“How the market digests those first year-over-year comps remains to be seen,” Keator added. “Generally speaking, it’s understandable to have a positive outlook based on a significant amount of pent-up demand.”

The U.S. Federal Reserve is expected to release the minutes from its last monetary policy meeting on Wednesday and market participants will parse it for any changes to the central bank’s economic outlook.

“The market is going to be dissecting (Federal Reserve Chairman Jerome) Powell’s comments to see if there’s anything embedded in them that might reflect a change in policy,” Keator said.

The Dow Jones Industrial Average fell 96.95 points, or 0.29%, to 33,430.24, the S&P 500 lost 3.97 points, or 0.10%, to 4,073.94 and the Nasdaq Composite dropped 7.21 points, or 0.05%, to 13,698.38.

European stocks closed at a record high, having recovered all pandemic-related losses as investors bet on a speedy global economic recovery.

The pan-European STOXX 600 index rose 0.70% and MSCI’s gauge of stocks across the globe gained 0.18%.

Story continues below advertisement

Reuters, Globe staff

Be smart with your money. Get the latest investing insights delivered right to your inbox three times a week, with the Globe Investor newsletter. Sign up today.

Your Globe

Build your personal news feed

  1. Follow topics and authors relevant to your reading interests.
  2. Check your Following feed daily, and never miss an article. Access your Following feed from your account menu at the top right corner of every page.

Follow topics related to this article:

View more suggestions in Following Read more about following topics and authors
Report an error Editorial code of conduct
Due to technical reasons, we have temporarily removed commenting from our articles. We hope to have this fixed soon. Thank you for your patience. If you are looking to give feedback on our new site, please send it along to feedback@globeandmail.com. If you want to write a letter to the editor, please forward to letters@globeandmail.com.

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff.

We aim to create a safe and valuable space for discussion and debate. That means:

  • Treat others as you wish to be treated
  • Criticize ideas, not people
  • Stay on topic
  • Avoid the use of toxic and offensive language
  • Flag bad behaviour

If you do not see your comment posted immediately, it is being reviewed by the moderation team and may appear shortly, generally within an hour.

We aim to have all comments reviewed in a timely manner.

Comments that violate our community guidelines will not be posted.

UPDATED: Read our community guidelines here

Discussion loading ...

To view this site properly, enable cookies in your browser. Read our privacy policy to learn more.
How to enable cookies