Stocks in Toronto rode the fortunes of improved oil prices to higher ground Tuesday.
The S&P/TSX Composite Index finished Tuesday higher by 47.85 points to 15,564.75.
The Canadian dollar 0.2 cents to 73.80 cents U.S.
Energy stocks rumbled ahead, with MEG Energy surging 24 cents, or 6.7%, to $3.82, while Seven Generations Energy up 18 cents, or 5.4%, to $3.50.
Gold stocks proved runners-up, with Eldorado Gold gaining 27 cents, or 2.2%, to $12.65, while Iamgold took on 13 cents, or 2.8%, to $4.85.
Among materials, ERO Copper jumped $1.91, or 11.3%, to $18.87, while West Fraser Timber hiking $2.45, or 5.4%, to $47.61.
Consumer staples pointed downward, with Empire Company sliding $1.05, or 3.2%, to $31.77, while Loblaw Companies off $1.33, or 2%, to $65.21.
In communications, Quebecor faded 77 cents, or 2.6%, to $28.99, while Shaw dropped 32 cents, or 1.4%, to $22.54.
Industrials also paled, with Mullen Group down 16 cents, or 2.2%. to $7.02, while Westshore Terminals Investment dipping 59 cents, or 3.3%, to $17.18.
ON BAYSTREET
The TSX Venture Exchange rose 9.43 points, or 1.6%, to 586.87.
All but three of the 12 subgroups gained ground Tuesday, led by energy, soaring 2.1%, gold, improving 1.6%, and materials, up 1.2%.
The three laggards were consumer staples, down 1.2%, communications, off 0.8%, and industrials, subsiding 0.04%.
ON WALLSTREET
The NASDAQ Composite rose to a fresh record on Tuesday with Apple leading major tech names higher as investors cheered a slew of announcements from the tech giant’s WorldWide Developers Conference.
The Dow Jones Industrials increased 131.14 points to close at 26,156.10.
The S&P 500 gained 13.43 points to 3,131.29.
The tech-heavy index came off its highs of the day, but scored higher by 74.89 points to 10,131.37, for its eighth consecutive gain. That marks the NASDAQ’s longest winning streak since December, when it advanced for 11 straight sessions.
Apple rose 2.1% and reached an all-time high. On Monday, the company unveiled new operating systems for its iPhones and computers. Apple also said it would use its own chips when building new Mac computers, ditching Intel’s in the process.
Other tech-related names also lifted the broader market. Facebook advanced 1.3%. Amazon hit an all-time high, closing 1.9% higher. Bank stocks rose broadly. JPMorgan Chase, Citigroup and Bank of America all climbed at least 0.7%.
Tuesday’s gains came after a volatile overnight session amid comments from White House trade advisor Peter Navarro. Dow futures had dropped about 400 points overnight after Navarro’s Monday interview on Fox News’ “The Story.”
Fox’s Martha MacCallum asked, “Do you think that the president sort of ... I mean, he obviously really wanted to hang onto this trade deal as much as possible. And he wanted them to make good on the promises because there had been progress made on that trade deal, but given everything that’s happened and all the things you just listed, is that over?”
“It’s over. Yes,” Navarro responded.
Navarro insisted his remarks were taken “wildly out of context”, in commenting that the trade deal was over.
In his subsequent statement, Navarro said, “I was simply speaking to the lack of trust we now have of the Chinese Communist Party after they lied about the origins of the China virus and foisted a pandemic upon the world.”
The number of newly confirmed coronavirus cases at home and abroad continues to increase, raising questions about economic recovery from the virus. The largest single-day increase in global coronavirus cases was recorded on Sunday, according to the World Health Organization, after more than 183,000 new cases were reported worldwide.
The U.S. saw more than 36,000 new cases reported on Sunday after more than 30,000 new cases were reported on both Friday and Saturday, data compiled by Johns Hopkins University showed. Widespread testing is contributing to the uptick in reported cases.
Prices for the 10-Year Treasury lost ground, boosting yields to 0.71% from Monday’s 0.70%. Treasury prices and yields move in opposite directions.
Oil prices fell back 48 cents to $40.25 U.S. a barrel.
Gold prices improved $17.80 to $1,784.20 U.S. an ounce.
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