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Markets Start Tuesday with Gains
Markets in Toronto opened higher on Tuesday, helped by strength in energy stocks, while data showing growth in domestic wholesale trade in November further bolstered sentiment.
The S&P/TSX Composite Index began Tuesday up 59.31 points to 18,004.19.
The Canadian dollar gained 0.05 cents to 78.48 cents U.S.
CIBC initiated coverage on Secure Energy Services with outperform and PT of $4.00. Secure shares took on 14 cents, or 5.5%, to $2.71.
Canaccord Genuity cuts the rating on Trevali Mining to sell from hold. Shares in Trevali advanced a penny, or 2.1%, to 24 cents.
Barclays raises target price on Alimentation Couche-Tard to $42.00 from $37.00. Couche-Tard ducked 85 cents, or 2.2%, to $37.55.
On the economic beat, Statistics Canada reported wholesale trade grew for the seventh consecutive month in November—up 0.7% to an all-time high of $67.4 billion.
The agency goes on to say five of seven sub-sectors reported stronger sales, led by the machinery, equipment and supplies sub-sector and the building material and supplies sub-sector.
Also, manufacturing sales decreased for the first time in three months, declining 0.6% to $53.7 billion in November, driven mainly by the aerospace product and parts, motor vehicle, and motor vehicle parts industries.
ON BAYSTREET
The TSX Venture Exchange hiked 13.68 points, or 1.5%, to kick off Tuesday at 934.01.
Seven of the 12 TSX subgroups were positive to begin the session, as energy and industrial stocks surged 0.7% each, while information technology progressed 0.5%.
The five laggards were weighed most by health-care, down 0.9%, consumer discretionary, off 0.5%, and communications, backtracking 0.2%.
ON WALLSTREET
Stocks jumped on Tuesday, rebounding from a rough week, as investors cheered stellar earnings from Goldman Sachs as well as signals for another big stimulus and faster pace of vaccine distribution ahead.
The Dow Jones Industrials popped 112.12 points to 30,926.38.
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The S&P 500 strengthened 17.73 points to 3,785.98.
The NASDAQ acquired 82.75 points to 13,081.25.
Shares of Goldman advanced 1.5% after the bank topped expectations for fourth-quarter profit and revenue. The blowout results came on the back of strong performance from its equities traders and investment bankers.
Bank of America was flat after the bank posted quarterly revenue that missed expectations. Earnings came in slightly ahead of estimates, however.
Stocks that would benefit most from further stimulus and faster vaccine rollout led the gains. Shares of Norwegian Cruise Line and Royal Caribbean were both up more than 1%. Boeing rose 2%, while American Airlines gained 2.7%.
Some tech shares also rebounded from their losses last week. Apple, Microsoft, Alphabet and Facebook all climbed at least 1%.
Janet Yellen, President-elect Joe Biden’s designated nominee for Treasury Secretary and a former chair of the Federal Reserve, will appear before the Senate Finance Committee on Tuesday. Yellen’s prepared remarks call for the federal government to enact a large stimulus to help the economy.
The U.S. stock market was closed on Monday in honor of Martin Luther King Jr. Day.
Prices for the 10-Year Treasury lost ground, lifting yields to 1.11%. Treasury prices and yields move in opposite directions.
Oil prices gained 20 cents to $52.56 U.S. a barrel.
Gold prices hiked $5.80 to $1,835.70 U.S. an ounce.
