Canada's main stock index rose in early trade on Tuesday, boosted by gains for major energy and mining stocks as oil and metal prices jumped, while banks also added support.
The S&P/TSX Composite Index popped 111.64 points to begin Tuesday at 15,240.33
The Canadian dollar added 0.09 cents to 80.01 cents U.S.
Materials led the charge in Tuesday’s first hour, with Hudbay Minerals soaring 77 cents, or 8.9%, to $9.44, while Lundin Mining took on 48 cents, or 6%, to $8.48.
In the gold sector, Goldcorp rocketed 17 cents, or nearly 1%, to $16.96, while Barrick Gold hiked 34 cents, or 1.8%, to $19.63.
Among health-care concerns, Valeant Pharmaceuticals climbed 57 cents, or 2.6%, to $22.48, while Aphria Inc. gained 10 cents, or 1.6%, to $6.48.
Utilities brought the indexes down somewhat, as Hydro One slid 19 cents to $22.39, and Fortis Inc. surrendered 22 cents to $44.45.
ON BAYSTREET
The TSX Venture Exchange recovered 3.19 points to 763.88.
Eight of the 12 TSX subgroups were in gaining territory, with materials shooting up 1.4%, gold hiking 1.3%, and health-care haler by 1%.
The four laggards were weighed by utilities and information technology, each slumping 0.2%, and real-estate, off 0.1%.
ON WALLSTREET
U.S. stocks traded mostly higher on Tuesday after a slew of major companies reported better-than-expected quarterly results.
The Dow Jones Industrials gained 75.15 points to 21,588.32, with Caterpillar and McDonald's contributing the most gains.
The S&P 500 picked up 6.99 points to 2,476.90, with financials and energy rising more than 1% to lead advancers.
The NASDAQ gained 1.59 points to 6,412.39, surpassing Monday’s all-time high
Caterpillar posted bottom line results that topped estimates, sending its shares higher.
General Motors and McDonald's also saw their shares climb after reporting quarterly results. However, 3M posted weaker-than-expected results, sending the stock down 6%. Shares of 3M shaved off 83 points from the Dow.
This is the busiest week of the earnings season, with approximately 180 S&P 500 components scheduled to report. Boeing, Coca-Cola, Facebook and Amazon are set to report later this week.
Wall Street also set its sights on the Federal Reserve, as the central bank kicked off a two-day monetary policy meeting. The Fed is largely expected to keep interest rates unchanged. However, investors will parse their statement for clues about the unwinding of its $4.5-trillion balance sheet.
In economic news, major Metro area home prices rose 5.7% in May, according to the S&P CoreLogic Case-Shiller home price index. Consumer confidence data for July exceeded analyst expectations.
Prices for the benchmark 10-year Treasury note tumbled, hoisting yields to 2.31% from Monday’s 2.26%. Treasury prices and yields move in opposite directions.
Oil prices took on $1.02 to $47.36 U.S. a barrel
Gold prices sagged $1.50 to $1,252.80 U.S. an ounce.
