(MENAFN- Baystreet.ca)
Stocks Maintain Gains at Noon Hour
Denison, Bausch in Focus
Equities in Toronto rebounded on Tuesday as Prime Minister Justin Trudeau's victory in the federal election raised hopes that his government would keep the stimulus taps open, while higher oil prices lifted energy stocks.
The TSX Composite recouped 145.69 points to greet noon Tuesday at 20,300.23.
The Canadian dollar poked up 0.10 cents to 78.21 cents U.S.
Trudeau hung onto power on Monday, saying he had won a clear mandate to govern although he fell short of his goal for a majority win. The Liberals have pledged a substantial $78 billion in new spending over five years.
Bausch Health Companies, taking on $2.93, or 8.8%, to $36.37, and Denison Mines, improving 10 cents, or 5.5%, to $1.91, were the largest percentage
gainers on the index.
On the economic page, Statistics Canada reported its new housing price index rose 0.7% in August, continuing the upward trend that began in May 2020.
ON BAYSTREET
The TSX Venture Exchange jumped 14.89 points, or 1.7%, to 868.78
All 12 TSX sectors gained ground by noon, with health-care soaring 2.7%, gold, ahead 1.9%, and materials better by 1.2%.
ON WALLSTREET
U.S. stocks continued their climb Tuesday as investors bought the dip a bit following the S&P 500's worst day since May.
The Dow Jones Industrial Average popped 195.12 points to 34,165.59,
The S&P 500 gained 20.28 points to 4,378.01,
The NASDAQ Composite picked up 98.13 points to 14,812.03.
Tuesday's comeback was slight in magnitude with gains mixed across the board. Uber shares were a standout, jumping 11% after raising its outlook for the third quarter. Autozone gained more than 4% after reporting strong quarterly earnings.
Also weighing on markets this month is the delta variant, which remains a global health threat as the colder months approach and vaccination hesitancy persists among some Americans. Johnson & Johnson said on Tuesday that its COVID vaccine booster shot is 94% effective. J&J shares added 0.6% on Tuesday..
Energy stocks also bounced big as oil snapped back after selling off Monday as the China property market situation caused concerns about overall global growth.
Investors are looking for more information from Fed Chairman Jerome Powell Tuesday about the central bank's plans to taper its bond buying, specifically when that will happen. Powell said last month that he sees the Fed slowing its $120 billion in monthly purchases at some point this year.
The Fed will release its quarterly economic forecasts, the so-called dot plot, along with the statement on interest rates at 2 p.m. ET Wednesday.
Prices for 10-Year Treasurys sagged, raising yields to Monday's 1.32%. Treasury prices and yields move in opposite directions.
Oil prices regained 16 cents to $70.45 U.S. a barrel.
Gold prices gained $13.00 to $1,776.80 U.S. an ounce.
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