Canadian stocks joined with their American brethren in climbing the charts Tuesday, powered largely by momentum in tech issues.
The TSX climbed 238.63 points, or 1.3%, to close Tuesday at 20,289.05.
The Canadian dollar recovered 0.23 cents to 73.75 cents U.S.
Techs proved kings of the hill Tuesday, led by HUT 8 Mining grabbing 51 cents, or 16.5%, to $3.60, while Bitfarms progressed 24 cents, or 13.9%, to $1.97.
Energy issues were successful, with Cenovus ahead 60 cents, or 2.3%, to $26.40, while Vermilion Energy climbed 44 cents, or 2.3%, to $19.58.
In materials, Capstone Mining improved 17 cents, or 2.8%, to $6.20, while Lithium Americas spiked 78 cents, or 3.3%, to $24.70.
ON BAYSTREET
The TSX Venture Exchange regained 4.81 points to 587.53.
All 12 TSX subgroups gained ground Tuesday, information technology picking up 2.1%, energy towering 1.6%, and materials ahead 1.5%.
ON WALLSTREET
The NASDAQ Composite climbed Tuesday, as investors flocked back to tech stocks in the final days of what’s been a difficult August for the market.
The Dow Jones Industrials hiked 292.96 points to 34,852.94.
The S&P 500 index moved higher 64.34 points, or 1.5%, to 4,497.66.
The tech-heavy NASDAQ index skyrocketed 238.63 points, or 1.7%, to 13,943.76.
Chipmaker Nvidia led the charge of rising tech stocks with a gain of more than 4%. Shares of Meta Platforms, Tesla, Apple and Microsoft were all trading higher. The sector seemingly received a boost from falling bond yields following the release of new U.S. economic data.
AT&T rose 3.8% after Citi upgraded the stock and said the telecom giant would be able to afford its hefty dividend. Elsewhere, shares of retailer Best Buy added 5.6% after reporting an earnings beat.
With just three sessions left in August’s trading month, the Dow is on pace to finish 2.8% lower. The S&P 500 is pointing at a loss of 2.4%, and the NASDAQ is down 3.1%.
The major averages got a boost following the release of new U.S. economic data. The latest job openings and labor turnover survey showed a decline in open listings in July — a sign of stability in the jobs market. Meanwhile, the Conference Board’s consumer confidence index fell more than expected in August.
Prices for the 10-year Treasury gained ground, lowering yields to 4.12% from Monday’s 4.21%. Treasury prices and yields move in opposite directions.
Oil prices gushed $1.11 to $81.21 U.S. a barrel.
Gold prices vaulted $19.20 to $1,966.00 U.S. an ounce.