More Gains, Records, at Outset for TSX

Equities in Canada’s largest centre gained ground on Tuesday, boosted by stronger oil prices as robust economic data from China and the United States raised hopes of a faster pace of economic recovery.

The TSX added 88.86 points to top Monday’s all-time high, to begin Tuesday trading at 19,115.65.

The Canadian dollar tailed off 0.17 cents at 79.70 cents U.S.

The largest percentage gainers on the TSX were Hudbay Minerals, which jumped 72 cents, or 7.6%, to $10.26, and OceanaGold, which rose eight cents, or 4.2%, to $1.98.

Aphria fell 98 cents, or 4.3%, to $21.81, while Aurora Cannabis lost 34 cents, or 3%, to $11.13.

CIBC raised the price target on AutoCanada to $37.00 from $34.00. Shares in AutoCanada withered $1.86, or 5.4%, to $32.44.

Citigroup cut the price target Precision Drilling to $30.00 from $33.00. Precision shares vaulted $1.34, or 4.7%, to $30.13.

Scotiabank upped the rating on Toromont Industries to outperform from sector perform. Toromont shares gained $1.99, or 2.1%, to $98.37.

ON BAYSTREET

The TSX Venture Exchange took on 4.17 points to 965.42.

The 12 TSX subgroups were equally split, with energy leading gainers, up 2.8%, while materials jumped 2%, and gold popped 1.7%.

The half-dozen laggards were weighed down most by health-care, ailing 1.4%, consumer staples, listing lower 0.5%, and real-estate, trudging 0.3%.

ON WALLSTREET

U.S. stocks fluctuated on Tuesday after the Dow Jones Industrial Average and the S&P 500 both closed at record highs in the prior session as strong economic data boosted hopes of a smooth recovery.

The 30-stock index eked higher 9.36 points to surpass Monday’s all-time high, however slightly, at 33,536.55.

The S&P 500 improved 7.23 points, to 4,085.14, for another intraday high.

The NASDAQ Composite added 24.5 points to 13,730.09.

Shares of airlines and cruise lines continued their recent gains. United Airlines gained 1.6%, while Delta rose 2.7%. Carnival, Norwegian Cruise Line and Royal Caribbean all traded in the green.

The U.S. Labor Department said Tuesday job openings south of the border rose to 7.37 million on the last day of February from about seven million in January, according to its monthly Job Openings and Labor Turnover Survey, or JOLTS report. Economists polled by Dow Jones were expecting a total of seven million.

Investors continue to assess President Joe Biden’s $2-trillion infrastructure proposal announced last week and its chance to become reality.

While politicians on both sides of the aisle support funding to rebuild American roads and bridges, disagreements over the ultimate size of the bill and how to pay for it remain, including Biden’s plan to raise the corporate tax to 28%.

Biden said Monday he is not worried that a corporate tax hike would hurt the economy. Conservative Democrat Sen. Joe Manchin of West Virginia reportedly said he opposes the proposed tax hike to a level that high.

Prices for 10-Year Treasurys moved upward, lowering yields to 1.68% from Monday’s 1.71%. Treasury prices and yields move in opposite directions.

Oil prices thundered ahead $1.81 to $60.46 U.S. a barrel.

Gold prices gained $14.00 to $1,742.80.

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