Equity markets in Canada’s biggest centre ended higher on Tuesday, with materials and financials stocks lifting the index as gold gained ahead of an updated outlook from the U.S. Federal Reserve.
The S&P/TSX Composite moved up 51.9 points to close the day at 14,550
The Canadian dollar acquired 0.18 cents to 75.84 cents U.S.
Base metals proved the champion in Tuesday trading north of the border, as First Quantum Minerals climbed 45 cents, or 4.5%, to $10.48, while Teck Resources rocketed 76 cents, or 4.3%, to end the day at $18.57.
Gold had a banner day, as Yamana Gold shone 29 cents brighter, or 4.2%, to $7.19, and Kinross Gold jumped 16 cents, or 2.6%, to $6.40.
Consumer staples issues took some lumps, as Metro faded 42 cents to $47.30, while Alimentation Couche-Tard dropped a dollar, or 1.7%, to $59.03.
Among telecoms, BCE demurred nine cents to $62.94, while Rogers Communications dropped 36 cents to $57.44.
ON BAYSTREET
The TSX Venture Exchange gathered 4.57 points to 770.91
Eight of the 13 subgroups gained ground on the day, most notably metals and mining, ahead 3.3%, gold, up 2.7%, and materials, better by 2.3%.
The five laggards were weighed most by consumer staples, down 0.8%, utilities, sliding 0.4%, and telecoms, off 0.3%.
ON WALLSTREET
U.S. stocks closed mixed Tuesday, amid a sea of major earnings reports and lower oil prices, ahead of the week's central bank meetings.
The Dow Jones Industrials finished well off its lows of the day, registering a loss of 19.31 points to 18,473.75, with McDonald's falling
4.5% for the greatest negative impact on the index. Caterpillar was the top advancer.
The S&P 500 inched up 0.7 points to 2,169.18, with telecommunications leading seven sectors lower and materials the top advancer.
The NASDAQ advanced 12.42 points to 5,110.05.
Six components of the Dow reported quarterly earnings ahead of the open. Apple was scheduled to report after the close.
Elsewhere, 3M posted earnings that beat by one cent a share, on revenue a touch below estimates. The firm lowered its guidance for 2016 sales growth.
Caterpillar reported earnings that beat on both the top and bottom line.
DuPont posted earnings that beat on both the top and bottom line, and raised its full-year forecast.
McDonald's reported a lower-than-expected rise in U.S. same-store sales. However, McDonald's earned $1.45 U.S. a share in the latest quarter, on an adjusted basis, which topped analyst expectations.
United Technologies raised full-year guidance and posted quarterly earnings that pleasantly surprised on both the top and bottom line.
Verizon reported quarterly earnings that topped expectations on revenue that missed. The telecommunications giant said a seven-week workers' strike hurt results.
The Federal Open Market Committee is scheduled to conclude its two-day meeting Wednesday afternoon with its statement on monetary policy. Traders do not expect the Fed to raise interest rates, but will watch for indications on the timing of the next hike.
In economic news, the flash Markit services Purchasing Managers’ Index edged down to 50.9 in July from 51.4 in June.
New U.S. single-family home sales rose 3.5% in June to a seasonally-adjusted annual rate of 592,000 units last month, topping expectations and the highest level since February 2008.
The Conference Board's consumer confidence index was 97.3 in July, a touch below June's 97.4 print.
Prices for the 10-year Treasury gained back some lost territory, lowering yields to 1.56% from Monday’s 1.57%. Treasury prices and yields move in opposite directions.
Oil prices slid 34 cents a barrel to $42.79 U.S.
Gold prices recouped 40 cents to $1,319.90 U.S. an ounce.
