Stocks Still Riding High by Noon - InvestingChannel

Stocks Still Riding High by Noon

Equity markets in Canada enjoyed healthy gains by noon hour EDT onTuesday, powered by gains in energy stocks as oil prices rose on easing expectations of higher supply from crude exporter Iran.

The TSX came off its highs of the morning, but still prospered 81.07 points to pause for lunch at 19,608.37.

The Canadian dollar dipped 0.13 cents to 82.86 cents U.S.

Markets in Canada were shuttered Monday for Victoria Day.

Algoma Steel is becoming a publicly listed company through a merger agreed with New York-based blank-cheque firm Legato Merger Corp in a deal that will value the combined company at more than $1 billion.

Shares in Algoma popped 34 cents, or 2%, to $17.04.

The largest percentage gainers on the TSX were Ivanhoe Mines, which jumped 63 cents, or 7.3%, to $9.24, and Toromont Industries, which rocketed $4.82, or 4.7%, to $107.19.

Finning International fell $1.46, or 4.5%, the most on the TSX, to $30.94, after BMO cut its target price.

The second-biggest decliner was Trillium Therapeutics, down 85 cents, or 8.5%, to $9.15.

ON BAYSTREET

The TSX Venture Exchange just cleared breakeven midday by 0.08 points to 957.30.

Seven of the 12 subgroups remained in positive territory, led by health-care, better by 1.9%, information technology up 1.1%, and consumer staples, stronger by 0.7%.

The five laggards were weighed most by consumer discretionary, down 0.5%, while energy and gold each doffed 0.4%.

ON WALLSTREET

U.S. stocks wiped out earlier gains and turned negative gained on Tuesday as the market struggled for a direction.

The Dow Jones Industrials build on earlier gains, sitting ahead 59.61 points midday to at 34,453.59,

The S&P 500 edged up 1.97 points to 4,200.69, dragged down toward breakeven by the energy sector.

The NASDAQ nicked up 3.52 points to 13,664.69.

Big Tech shares Amazon, Apple, Netflix and Alphabet all erased earlier advance and dipped into negative territory. Amazon shares came under pressure after an attorney general filed an antitrust lawsuit over the e-commerce giant’s pricing.

Airlines and cruise lines provided the broader market with some support. United Airlines jumped 3% after the carrier said yields on domestic leisure tickets purchased this month topped 2019 levels amid the reopening. Boeing also gained 1.7%. Norwegian Cruise Line and Royal Caribbean rose more than 4% each.

Bitcoin’s recent rout, which has hit tech stocks like Tesla and dented overall investor sentiment, stabilized on Monday.

The cryptocurrency was back near $38,000 early Tuesday after falling below $32,000 at one point on Sunday. Crypto prices rebounded as Elon Musk said he was having discussions with bitcoin miners regarding sustainability.

Prices for 10-Year Treasurys gained ground, lowering yields to 1.58% Monday’s 1.60%. Treasury prices and yields move in opposite directions.

Oil prices gained 21 cents to $66.26 U.S. a barrel.

Gold prices hiked $7.60 to $1,892.10 U.S. an ounce.