TSX Enjoys Bona Fide Gains Tuesday

Stocks in Toronto had Tuesday what promised to be a solid recovery from last week’s doldrums, as energy and health-care issues powered the train forward

The S&P/TSX Composite vaulted 202.49 points to close Tuesday at 21,274.81.

The Canadian dollar hopped 0.55 cents to 79.50 cents U.S.

Energy concerns powered this upward movement, with Secure Energy Services prospering 46 cents, or 8.5%, to $5.88, while Baytex Energy advanced 29 cents, or 7%, to $4.46.

Health-care also was in the plus category, with Bausch Health Companies ahead $1.46, or 4.4%, to $34.91, while Canopy Growth climbed 31 cents, or 2.8%, to $11.41

Tech stocks moved ahead, too, with Alithya Group better by 20 cents, or 6.4%, to $3.32, while Nuvei Corp. gained $6.85, or 8.8%, to $86.40.

Consumer staples got bruised, however, as Jamieson Wellness ailed 66 cents, or 1.7%, to $38.18, while Empire Company floundered 16 cents, or to $38.28.

Industrials fell, too, as CP Rail reversed $1.75, or 1.8%, to $94.34, while Boyd Group gave back $3.76, or 1.9%, to $190.15.

Utilities fell off, as Transalta gave back 74 cents, or 5.4%, to $12.94, while Transalta Renewables slipped $1.66, or 9.2%, to $16.34.

ON BAYSTREET

The TSX Venture Exchange restocked 12.22 points, or 1.4%, to 910.67.

All but three of the 12 TSX subgroups stayed positive up to the closing bell, with energy surging 3.2%, health-care, ahead 2.3%, and information technology clicking 1.5% higher.

The three laggards were weighed by consumer staples, industrials, and utilities, each down 0.3%.

ON WALLSTREET

U.S. stocks rose again on Tuesday as Wall Street appeared to find its footing after a rocky start to the New Year.

The Dow Jones Industrials advanced 183.15 points to 36,252.02.

The S&P 500 gathered 42.78 points to 4,713.07.

The NASDAQ hiked 210.62 points, or 1.4%, to 15,153.45.

Stocks have been volatile to start the year, as rising interest rates have put pressure on equities.

Large tech stocks helped support the broader market, with Amazon rising more than 2% and shares of Apple and Nvidia gaining roughly 1.5% each.

Other notable gainers included Illumina, which rose 14% after the genomic sequencing company issued a 2022 revenue outlook that was ahead of consensus.

Elsewhere, shares of Exxon Mobil rose more than 3% as U.S. oil prices topped $80 per barrel. At-home fitness stock Peloton jumped more than 7%.

Tuesday’s market moves follow a sharp rally on Monday afternoon, which saw the tech-heavy NASDAQ erase a 2.7% loss to finish slightly higher and snap a four-day losing streak.

Fed Chair Jerome Powell testified before a Senate committee on Tuesday as part of his re-confirmation process. Powell said that he expected a normalized supply chain to help ease inflation pressures in 2022 but said the Fed would not be afraid to hike rates further than projected if inflation remains high.

Earnings season will be in full swing by the end of this week with the big banks set to report starting Friday. Grocery chain Albertson’s reported results that beat expectations on the top and bottom lines on Tuesday morning.

Prices for 10-year Treasurys gained some ground, lowering yields to 1.75% from Monday’s 1.76%. Treasury prices and yields move in opposite directions.

Oil prices picked up $3.08 to $81.31 U.S. a barrel.

Gold prices roared ahead $23.50 to $1,822.50 U.S. an ounce.

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