Stocks in Toronto gained back strength and confidence after last Friday’s collapse, mostly due to health-care and tech improvement.
The TSX Composite Index popped 132.97 points to conclude Tuesday at 17,512.73
The Canadian dollar regained 0.10 cents to 75.29 cents U.S.
Health-care stocks flexed their muscles, as Aurora Cannabis sprinted 18 cents, or 6.4%, to $2.83, and HEXO gathered nine cents, or 5.3%, to $1.80.
In the tech sector, Shopify ballooned $21.98, or 3.4%, to $645.25, while Constellation Software travelled $46.80, or 3.3%, to $1,465.69.
Among industrials, Bombardier jumped 19 cents, or 14.6%, to $1.49, while SNC Lavalin picked up $1.77, or 5.8%, to $32.06.
To the losing groups now, where Eldorado Gold slid 87 cents, or 9%, to $8.81, while Wesdome Gold gave back 60 cents, or 6.7%, to $8.34.
Among utilities, Fortis doffed $1.08, or 1.9%, to $57.00, while Altagas dipped 31 cents, or 1.5%, to $20.85.
In other resource stocks, Endeavour Mining docked $1.09, or 4.1%, to $25.69, while SSR Mining lost 76 cents, or 3.2%, to $23.23.
Canada’s export credit agency said trade confidence among the countries exporters fell to its lowest level in nearly a decade, as businesses wrestle with protectionist policies and fret about the global economy.
ON BAYSTREET
The TSX Venture Exchange sank 1.16 points Tuesday to 573.42.
Eight of the 12 TSX subgroups were positive on the day, as health-care stocks were haler 2.6%, while information technology clicked 2.1% higher and industrials were 1.6% better
The four laggards were weighed most by gold, down 1.9%, utilities, off 0.7%, and materials sinking 0.4%.
ON WALLSTREET
Stocks rallied on Tuesday, building on solid gains from the previous session as the market recovers from a steep sell-off that was sparked by worries over the coronavirus.
The Dow Jones Industrials shot higher 408.82 points, or 1.4%, to 28,807.82,
The S&P 500 gained 48.67 points, or 1.5%, at 3,297.59.
The NASDAQ hiked 194.57 points, or 2.1%, to 9,467.97. The tech-heavy benchmark became the first of the major indexes to come back completely from the coronavirus-related fears.
Stocks that have been hit by fears of the coronavirus slowing the economy bounced on Tuesday. Apple jumped 3.3%. Nvidia and Micron rose more than 2.5% each.
Companies directly impacted by the coronavirus, including Carnival, which confirmed on Monday that a former cruise-line passenger tested positive for the virus, rose. Carnival added 1.9%. American and United were both up by more than 5%.
Tesla, meanwhile, powered the NASDAQ with a surge of more than 13% that lifted the stock above $900 for the first time. That rally follows Tesla’s best day in six years.
Billionaire investor Ron Baron, a longtime Tesla bull, said Tuesday that Tesla could see revenues of $1 trillion in 10 years. Tesla, however, gave back a chunk of its gains in the final minutes of trading. At its high of the day, Tesla had surged more than 24%.
Microsoft and Caterpillar both rose around 3% to contribute to the gains. The S&P 500 tech sector surged 2.6%, led higher by Apple.
Tuesday’s continued bounce comes after media reports said China’s central bank could cut its key lending rate as well as banks’ reserve requirement ratios in the coming weeks to support economic growth.
The report came a day after the People’s Bank of China unveiled liquidity injection measures to the tune of more than one trillion yuan. The PBOC also injected another 400 billion yuan in liquidity.
Prices for the 10-Year U.S. Treasury faltered badly raising yields to 1.60% closer to Monday’s 1.53%. Treasury prices and yields move in opposite directions.
Oil prices sank 52 cents to $49.59 U.S. a barrel.
Gold prices plummeted $24.30 to $1,558.10 U.S. an ounce.