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TSX Keeps its Gains



Canada’s main stock index rose on Tuesday, supported by gains in health-care and energy stocks, while investors awaited comments from Bank of Canada’s top policymaker for clues on the future path of monetary policy.

The TSX Composite remained positive 61.85 points, by noon Tuesday at 20,933.74

The Canadian dollar pointed upward 0.25 cents at 74.07 cents U.S.

Precision Drilling Corp climbed $7.23, or 9.1% to the top of the index, at $87.10 after the company reported its fourth-quarter results.

On the economic board, Statistics Canada reported the total monthly value of building permits in Canada decreased 14.0% from November to $9.2 billion in December.

The IVEY PMI nosed up to 56.5 in January from 56.3 in December, but fell sharply from January 2023’2 reading of 60.1.

ON BAYSTREET

The TSX Venture Exchange gained 2.43 points to 550.63.

All but two of the 12 subgroups gained back lost ground Tuesday, as health-care grew 1.4%, while industrials and energy each gained 0.7%.

The two laggards were information technology, doffing 1.1%, while real-estate retreated 0.2%.

ON WALLSTREET

The S&P 500 was little changed on Tuesday following a selloff spurred by higher bond yields and worries that the Federal Reserve may not cut rates as much as Wall Street had hoped.

The Dow Jones Industrials broke for lunch ahead 66.07 points to 38,446.19.

The S&P 500 index subtracted 5.63 points to 4,937.18.

The NASDAQ index sank 75.85 points to 15,521.82.

Palantir Technologies surged 19% after the company posted a revenue beat in the fourth quarter, while Spotify Technology popped more than 6% after topping expectations and posting an increase in Premium subscribers.

Tuesday marks around the halfway point of the earnings season, with reports from Amgen, Chipotle Mexican Grill and Ford after the bell.

Prices for the 10-year Treasury gained, lowering yields to 4.10% from Monday’s 4.17%. Treasury prices and yields move in opposite directions.

Oil prices jumped 96 cents to $73.74 U.S. a barrel.

Gold prices brightened nine dollars to $2,051.20.



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