Canada’s main stock index climbed to its highest level in over a week, as tech stocks led a broader recovery, while investors looked forward to an earnings packed week in the United States.
The TSX Composite popped 120.89 points to move into Tuesday afternoon at 21,992.85.
The Canadian dollar edged up 0.14 cents at 73.12 cents U.S.
Miners like SSR Mining gained 30 cents, or 4.2%, to $7.42, and NOVAGOLD Resources ahead 19 cents, or 4.8%, to $4.01, to pull up the sector despite a decline in prices of both precious and base metals.
In corporate news, OceanaGold Corp gained six cents, or 1.8%, to $3.07, after brokerages Canaccord Genuity and Raymond James raised their price targets on the miner.
BCE advanced 58 cents, or 1.3%, to $45.64, after CIBC upgraded it to “outperformer” from “neutral”.
ON BAYSTREET
The TSX Venture Exchange hiked 6.08 points, or 1.1%, to 572.14.
All but one of the 12 TSX subgroups were positive midday, with information technology improving 1.9%, while health-care jumped 1.5%, and industrials climbed 0.8%.
Only energy was negative, dropping 0.1%.
ON WALLSTREET
U.S. stocks rose on Tuesday as the corporate earnings season picked up steam, and investors looked to build on the strong gains from the previous session.
The Dow Jones Industrials jumped 234.31 points Tuesday to 38,474.29.
The S&P 500 index moved upward 56.53 points, or 1.5%, to 5,066.94.
The NASDAQ Composite popped 233.99 points, or 1.5%, to 15,685.29.
Spotify surged more than 15% after surpassing Wall Street’s first-quarter estimates and issuing rosy second-quarter guidance. UPS shares edged slightly higher after the delivery giant posted better-than-expected quarterly earnings. PepsiCo, meanwhile, dipped 2.4% despite reporting better-than-expected earnings. GE Aerospace also reported an earnings beat.
Tesla is slated to report earnings after the bell, followed by Meta Platforms on Wednesday afternoon. Google-parent company Alphabet and Microsoft round out the technology-heavy earnings week on Thursday.
Roughly 20% of the S&P 500 has reported earnings through Tuesday morning. Of those companies, 76% have beaten analyst expectations, FactSet data shows.
Prices for the 10-year Treasury inched higher, lowering yields to 4.59% from Monday’s 4.62%. Treasury prices and yields move in opposite directions.
Oil prices recovered $1.01 to $82.91 U.S. a barrel.
Gold prices dulled $8.10 to $2,338.30 U.S. an ounce.
