Equities in Canada’s largest centre posted solid gains on Tuesday as commodity-linked sectors recovered from steep losses, although investors remained on edge due to rising COVID-19 cases across the globe.
The TSX Composite index buzzed 72.92 points higher to begin the session at 20,510.34
The Canadian dollar poked higher 0.05 cents to 79.57 cents U.S.
National Bank of Canada ups the price target on Hardwoods Distribution to $60.50 from $57.00. Hardwoods shares picked up 53 cents, or 1.4%, to $38.83.
Credit Suisse cut the rating on Manulife Financial to neutral from outperform. Manulife shares faded 20 cents to $25.05.
Scotiabank raised the target price on Power Corporation of Canada: to $48 from $47. Power docked 28 cents to $41.81.
ON BAYSTREET
The TSX Venture Exchange recovered 2.89 points to 920.88.
All but three of the 12 TSX subgroups advanced in the first hour of trade, with energy stronger 1.5%, information technology clicking higher 1% and materials up 0.8%.
The three laggards were utilities, down 0.3%, while gold and real-estate each sank 0.1%.
ON WALLSTREET
Stocks were little changed on Tuesday, with the Dow Jones Industrial Average and S&P 500 hovering under record highs, capped by concerns about a resurgence in COVID-19 cases.
The 30-stock index recovered 73.06 points to kick off Tuesday at 35,174.91,
The S&P 500 jumped 8.74 points to 4,441.09
The NASDAQ advanced 24.3 points to open at 14,884.48.
Energy stocks rebounded on Tuesday, after leading the market’s declines on Monday spurred by a drop in oil prices. Exxon Mobil and Chevron popped more than 1% on Tuesday and Diamondback Energy rebounded more than 2%. U.S. oil prices rose 1.6% on Tuesday.
Stocks tied to the economic reopening also made back some of their losses from Monday. Norwegian Cruise Line gained 2% and American Airlines rose 1%.
AMC’s stock jumped 4.7% after reporting a lower loss than expected. The company also announced it would begin accepting bitcoin at all U.S. locations this year.
Earnings season continues Tuesday, with Coinbase set to report. Its stock, which trades closely with the price of bitcoin, dropped 3% Tuesday. SoftBank and Sysco are also set to report.
The U.S. Senate could pass a $1-trillion bipartisan infrastructure bill as soon as Tuesday. The plan, which includes $550 billion in new spending on transportation and broadband, could help give the economy a boost as peak growth slows following the reopening from the pandemic.
Prices for 10-Year Treasurys were static, keeping yields at Monday’s 1.33%.
Oil prices hiked 87 cents to $67.35 U.S. a barrel.
Gold prices slid $3.70 to $1,722.80 U.S. an ounce.
