Stocks in Canada’s largest centre climbed to their 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 gained 119.83 points to begin Tuesday at 21,991.79.
The Canadian dollar edged up 0.19 cents at 73.17 cents U.S.
In corporate news, TC Energy said its NGTL gas pipeline system in Alberta resumed normal operations after a rupture last week prompted the company to reduce pressure on a segment of the line. TC shares dished off seven cents to $49.12.
OceanaGold Corp gained nine cents, or 3%, to $3.10, after brokerages Canaccord Genuity and Raymond James raised their price targets on the miner.
BCE advanced 69 cents, or 1.5%, to $45.75 after CIBC upgraded it to “outperformer” from “neutral”.
ON BAYSTREET
The TSX Venture Exchange hiked 4.79 points to 570.85.
All but one of the 12 TSX subgroups were positive in the first hour, with information technology bettering themselves 1.7%, while health-care jumped 1.4%, and communications improving 0.9%.
Only energy missed the festivities, dropping 0.2%.
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 193.24 points Tuesday to 38,433.22.
The S&P 500 index moved upward 55.66 points, or 1.1%, to 5,066.26.
The NASDAQ Composite popped 232.89 points, or 1.5%, to 15,684.50.
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 4.58% from Monday’s 4.62%. Treasury prices and yields move in opposite directions.
Oil prices recovered 16 cents to $82.06 U.S. a barrel.
Gold prices dulled $9.80 to $2,336.60 U.S. an ounce.
