Equities in Canada’s largest centre proved Monday was no fluke, as stocks again reached for the sky, mostly following the lead of energy and health-care issues.
The S&P/TSX Composite rumbled ahead 221.63 points, or 1.1%, to end Tuesday at 21,319.92.
The Canadian dollar inched ahead 0.21 cents at 78.84 cents U.S.
In energy, Petro Exploration sprinted 45 cents, or 4.5%, to $10.41, while Imperial Oil took on $2.57, or 4.9%, to $54.58.
Among pot stocks, Aurora Cannabis gained 35 cents, or 6.6%, to $5.66, while Canopy Growth spiked 56 cents, or 5.5%, to $10.78.
In other resource stocks, Capstone Mining jumped 26 cents, or 4.8%, to $5.67, while Teck Resources leaped $1.86, or 4.7%, to $41.12.
Utilities didn’t have as good a time of it, though, with Emera trailing 86 cents, or 1.4%, to $59.39, while Fortis lost 86 cents, or 1.4%, to $59.52.
In communications, Cogeco dipped $1.15, or 1.1%, to $103.19, while Shaw weakened 34 cents to $37,55.
On the economic slate, Statistics Canada reported GDP rose 0.6% in November on increases across almost all industrial sectors in November.
Markit Canada’s Manufacturing Purchasing Managers Index registered at 56.2 for January, down slightly from 56.5 in December.
ON BAYSTREET
The TSX Venture Exchange gained 13.58 points, or 1.6%, to 872.72.
All but two of the 12 TSX subgroups were in the plus region for the day, with energy climbing 3.2%, health-care better by 2.4%.and materials improving 1.3%.
The pair of laggards proved to be utilities, dipping 0.5%, and communications, weaker by 0.3%. .
ON WALLSTREET
Stocks rose for a third day Tuesday, as Wall Street tried to recover its footing after a wild January.
The Dow Jones Industrials surged 273.38 points to conclude Tuesday’s session at 35,405.24.
The S&P 500 climbed 30.99 points to 4,546.54.
The NASDAQ strode upward 106.12 points to 14,346.
Bank stocks led the market higher, with Goldman Sachs better by 2.6%, and JPMorgan Chase gained 1.7%. Wells Fargo also advanced more than 3.3%.
Big tech names like Netflix, picking up 7%, and Meta Platforms, launching 1.8% contributed to the gains. Alphabet also advanced 1.6%.
Tuesday’s moves added to a two-day rally on Wall Street that ended a volatile month of trading.
On Tuesday, traders awaited key earnings releases from Alphabet — which is slated to report after the bell — and Amazon and Meta, which report later in the week.
It’s been a solid earnings season thus far, with 78.5% of S&P 500 companies that have posted results beating bottom-line expectations.
UPS reported better-than-expected earnings and hiked its quarterly dividend, sending the stock up 14%. Shares of Exxon Mobil gained more than 6.4% after the company reported better-than-expected quarterly earnings and revenue that jumped more than 80% year over year.
On the economic data front, the Institute for Supply Management manufacturing index came in at 57.6. That’s down from 58.8 in December.
A reading above 50% represents expansion. The data also showed that prices jumped by 7.9 points to 76.1 month over month — another sign of rising inflation.
Prices for 10-year Treasurys faltered a bit, raising yields to 1.80% from Monday’s 1.78%. Treasury prices and yields move in opposite directions.
Oil prices gained 28 cents to $88.43 U.S. a barrel.
Gold prices moved forward $4.90 to $1,801.20 U.S. an ounce.