Energy Stocks Shine
Stocks in Canada's largest financial centre rose on Tuesday, led by financial and energy stocks, while producers planned restarts at disrupted oil sands facilities in Alberta and elsewhere.
The S&P/TSX Composite Index leaped 109.97 points to greet noon at 13,673.81
The Canadian dollar gained back 0.15 cents to 77.3 cents U.S.
The most influential movers on the index included Suncor Energy, which rose 2.8% to $34.14, and Canadian Natural Resources, which advanced 3.1% to $36.94.
Repair crews were expected to assess wildfire damage to the Alberta oil town of Fort McMurray as the oil sands companies surrounding the ravaged city looked at bringing production back on line.
French utility EDF announced a deal to build three offshore wind parks in France with Enbridge, whose shares rose 2% to $50.94.
The financials group advanced, behind a 1.1% gain for Royal Bank of Canada to $76.47, while Toronto-Dominion Bank was up 0.9% to $55.86.
ON BAYSTREET
The TSX Venture Exchange eked up 0.46 points to 657.88.
All but one of the 13 TSX subgroups were ahead, with energy ballooning 2%, metals and mining 1.4% stronger, and financials richer by 0.9%.
The two laggards were health-care, off 1.1%, and gold, sliding 0.3%.
ON WALLSTREET
American stocks traded higher Tuesday, helped by weakness in the yen against the dollar and gains in oil prices.
The Dow Jones Industrials vaulted 201.21 points, or 1.1%, to 17,907.12, with Goldman Sachs and Boeing contributing the most to gains as nearly all constituents advanced.
The S&P 500 leaped 19.75 points, or 1%, to 2,078.44, with industrials and energy leading all sectors higher.
The NASDAQ Composite Index ballooned 44.86 points to 4,795.07,
In economic news, wholesale inventories were up 0.1% in March, in-line with expectations.
The U.S. Job Openings and Labor Turnover Summary (JOLTS) report showed a rise in job openings to 5.8 million in March, while the hiring rate edged down to 3.7%
The National Federation of Independent Business' small business optimism index rose for the first time this year, up one point from a two-year low in March to 93.6 in April. The figure remained below the 100 reading in December 2014 and its 42-year average of 98.
Prices for the 10-year Treasury slipped, raising yields to 1.76% from Monday's 1.75%. Treasury prices and yields move in opposite directions
Oil prices added $1.02 a barrel to $44.46 U.S.
Gold prices lost $3.53 to $1,260.35 U.S. an ounce.
DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer
