Equities reached for the skies Tuesday, as stressors over the future of U.S. President Donald Trump’s Federal Reserve Chairman appeared to have abated, as did worries over trade conflicts.
The TSX Composite Index vaulted 297.12 points, or 1.2%, to 24,305.98.
The Canadian dollar was up 0.08 cents to 72.36 cents U.S.
In corporate news, a U.S. appeals court on Monday revived a proposed data privacy class action against Shopify, whose shares concluded Tuesday up $5.56, or 4.9%, to $118.48.
Elsewhere, health-care stocks got some momentum back. Bausch Health Companies topped the benchmark index with a jump of 67 cents, or 10.3%, to $7.18, after the pharmaceutical firm said billionaire Carl Icahn has a total economic exposure of about 34% to the company’s common shares. The stock had fallen 8% on Monday.
Elsewhere in health-related issues, Tilray increased in price three cents, or 4.9%, to 64 cents.
In consumer-related stocks, Aritzia grabbed $1.36, or 3.2%, to $44.07, while Dollarama bolted $4.21, or 2.5%, to $172.21.
Energy issues took off, as Imperial Oil leaped $4.48, or 5%, to $94.10, while Advantage Oil and Gas triumphed 48 cents, or 4.9%, to $10.33.
Gold put a damper on things, however, as Aya Gold wilted 90 cents, or 8.1%, to $10.21, while Torex Gold shed $2.72, or 5.6%, to $45.89.
In other resources, First Majestic Silver dipped 50 cents, or 5.6%, to $45.89, while G Mining Ventures retreated $1.20, or 5.7%, to $19.89.
In telecoms, BCE lost 22 cents to $30.77, while Quebecor dipped 26 cents to $36.60.
Economically speaking, Statistics Canada said its March Industrial Product Price Index rose 0.5% month over month in and increased 4.7% year over year.
The same month, its Raw Materials Price Index declined 1.0% month over month in and grew 3.9% year over year.
ON BAYSTREET
The TSX Venture Exchange fell out of positive territory, giving back 0.12 points to 630.86.
All but three of the 12 subgroups were higher by the end of the session, led by health-care, zooming 4%, while consumer discretionary strode 2.2%, and energy soared 2.1%.
The three laggards proved to be gold, off 1.9%, materials, sliding 1%, and telecoms, down 0.5%.
ON WALLSTREET
Stocks rallied Tuesday on hopes that U.S.-China trade tensions could ease soon, as investors recovered from the steep declines suffered in the previous session.
The Dow Jones Industrials rocketed 1,016.57 points, or 2.7%, to 39,186.98.
The S&P index climbed 129.56 points, or 2.5%, to 5,287.76
The NASDAQ Composite spiked 429.52 points, or 2.7%, to 16,300.42.
The major averages spiked on news that Treasury Secretary Scott Bessent told a group of investors Tuesday that there “will be a de-escalation” in the trade war with China. “No one thinks the current status quo is sustainable,” he said during a meeting with investors hosted by JPMorgan Chase.
Tuesday’s action comes on the heels of a sharp selloff. The Dow dropped more than 970 points in the regular session, while the S&P 500 and NASDAQ both slid more than 2%.
Investors grew increasingly uncertain after Trump posted on Truth Social that the economy would slow if the Fed did not cut interest rates. In the latest of multiple recent posts calling out Powell by name, he called the Fed chief “Mr. Too Late” and a “major loser.”
Trump hinted at Powell’s “termination” last week, an unprecedented action that White House economic advisor Kevin Hassett said the president’s team was currently studying. Powell has said he cannot be fired under law and intends to serve through the end of his term in May 2026.
Prices for the 10-year Treasury regained strength Tuesday, lowering yields to 4.40% from Monday’s 4.41%. Treasury prices and yields in
opposite directions.
Oil prices jumped $1.12 to $64.20 U.S. a barrel.
Prices for gold slid $36.00 to $3,389.300 U.S.