It was yet another day of gains, and big ones, in Toronto Tuesday, as investors anticipated a rate hike (again, a big one) out of the Bank of Canada.
The TSX Composite sprang up 174.98 points, to close Tuesday at 19,093.38.
The Canadian dollar grabbed half a cent to 73.50 cents U.S.
All areas in the market rebounded to prosperity Tuesday, as Canopy Growth led cannabis plays, up 82 cents, or 26%, to $3.97, while Tilray climbed 53 cents, or 12.2%, to $4.89.
In tech issues, Celestica ate its Wheaties and leaped $2.15, or 16.5%, to $15.17, while HUT 8 Mining tacked on 42 cents, or 15.4%, to $3.15.
In real-estate, Killam Apartment REIT units acquired 45 cents, or 2.9%, to $15.76, while Summit Industrial Income REIT took on 36 cents, or 2.1%, to $17.81.
The Bank of Canada announces its rate decision Wednesday, and traders are pricing in a 70.2% chance of a supersized 75-basis-point hike, taking its overnight lending rate to a 14-year high at 4%.
ON BAYSTREET
The TSX Venture Exchange spiked 8.6 points, or 1.5% to 595.81.
All 12 TSX subgroups gained ground, as health-care stocks skyrocketed 6.5%, information technology gathered 1.8%, and real-estate hiked 1.5%.
ON WALLSTREET
Stocks rose for another session Tuesday, as investors assessed sliding yields and new data for further clues into the health of the U.S. economy. Wall Street also await earnings from key tech companies.
The Dow Jones Industrials leaped 337.12 points, or 1.1%%, to 31,836.74.
The S&P 500 took on 61.77 points, or 1.6%, to 3,859.11.
The tech-heavy NASDAQ advanced 246.5 points, or 2.3%, to 11,199.12.
Traders pored over a smattering of corporate reports. General Motors pointed upward 1.4% and Coca-Cola rose 2.5%, after reporting stronger-than-forecasted earnings. Xerox plummeted 14.5% after earnings per share came in at less than half of what was expected.
So far this season, companies have proven they may be faring better than anticipated. FactSet data shows that, through Tuesday morning, 71% of the companies that reported topped analyst expectations for earnings per share.
Meta Platforms and Microsoft report Wednesday, followed by Amazon and Apple on Thursday. Given their sheer size and market capitalization, any moves are likely to drive the market going forward.
Alphabet and Microsoft are among the companies set to report earnings after the bell as a week with tech as the centerfold continues. Chipotle Mexican Grill is also on deck.
The S&P CoreLogic Case-Shiller 20-City House Price Index released Tuesday showed home prices fell 1.3% in the 20 core cities studied month-over-month in August, but were still 13.1% higher than a year ago.
The Consumer Confidence Index also fell, showing the view on the economy has soured after two months of the outlook improving.
Treasury prices shot higher, lowering yields to 4.09% from Monday’s 4.25%. Treasury prices and yields move in opposite directions.
Oil prices advanced 40 cents to $84.98 U.S. a barrel.
Gold prices were positive four dollars to $1,658.10 U.S. an ounce.