Canada’s main stock index rose for a third straight session on Tuesday on gains in the financial sector, while West Fraser Timber soared to the top of the benchmark after a report on a buyout bid.
The TSX leaped 296.1 points, or 1.6%, to 18,891.72.
The Canadian dollar sprang up 0.53 cents to 77.56 cents U.S.
Shopify shares acquired $1.35, or 3.2%, to $43.59, after it announced a partnership with Alphabet Inc’s YouTube to allow merchants to sell through the video platform.
Elsewhere in individual stocks, West Fraser Timber jumped $19.18, or 17.8%, to $127.12, after Reuters reported that private equity firm CVC Capital and wood panel manufacturer Kronospan have submitted a joint expression of interest to acquire the Canadian lumber company.
In financials, Canaccord picked up 33 cents, or 3.9%, to $8.83, while goeasy Ltd. Jumped $3.30, or 3.3%, to $104.61.
In materials, Canfor Corp. hiked $1.41, or 5.8%, to $25.89, while Methanex gathered $1.78, or 3.7%, to $50.30.
In consumer discretionary issues, Magna International jumped $3.97, or 5.4%, to $77.54, while Spin Master popped $1.71, or 3.9%, to $45.86.
ON BAYSTREET
The TSX Venture Exchange picked up 8.45 points, or 1.4%, to 605.65
All 12 TSX subgroups were positive early Tuesday afternoon, as financials rocketed 2.1%, materials and consumer discretionary stocks were each better 2%.
ON WALLSTREET
Stocks rallied Tuesday, recovering losses incurred in the previous session, as traders bet on strong corporate earnings reports.
The Dow Jones Industrials skyrocketed 474.76 points, or 1.5%, to 31,547.37.
The S&P 500 spiked 71.89 points, or 1.9%, to 3,902.70.
The NASDAQ Composite leaped 249.68 points, or 2.2%, to 11,608.73.
All sectors in the S&P 500 were higher Tuesday. Bank stocks outperformed with shares of Goldman Sachs rising more than 4% following a strong earnings report Monday. Bank of America climbed nearly 3%, and Wells Fargo gained about 3%.
Google was up more than 2% following a 20-for-1 stock split that took place Monday.
Hasbro shares climbed 2% after the toymaker’s earnings per share beat analyst expectations, though its revenue for the previous quarter came in a tad below expectations, according to consensus estimates from Refinitiv.
Shares of Netflix popped 3% ahead of the streaming company’s earnings report scheduled for after the close. Later in the week, Tesla, United Airlines, American Airlines, Snap, Twitter and Verizon are among those scheduled to report.
Meanwhile, Johnson & Johnson shares ticked lower after the pharmaceutical giant cut its full-year revenue and profit guidance, although the company reported better-than-expected top and bottom line results.
IBM shares fell more than 6%, after the tech company lowered its forecast for cash flow, even while reporting results that beat Wall Street’s earnings and revenue estimates.
So far, roughly 9% of S&P 500 companies have reported calendar second-quarter earnings. Of those, about two-thirds have beaten analyst expectations.
Treasury prices fell backward, raising yields to 3% from Monday’s 2.997%. Treasury prices and yields move in opposite directions.
Oil prices eked up 29 cents to $102.89 U.S. a barrel.
Gold prices forged ahead 10 cents to $1,710.30 U.S. an ounce.
Dow Jumps 400+ on Earnings Optimism