Stocks Continue Recovery
Vermilion, Rogers in Vogue
Equities moved a bit closer to sunshine and fresh air Tuesday, after the downward misery of last week, powered largely by resource stocks.
The S&P/TSX hung onto gains of 73.66 points by the closing bell to 19,257.29.
The Canadian dollar cents to 77.38 cents U.S.
Energy stocks proved the main agent of growth Tuesday, with MEG Energy towering $1.05, or 5.3%, to $20.88, while Vermilion sprinted $1.61, or 6.5%, to $26.38.
Real-estate issues also performed well, with Tricon Capital Group ahead 31 cents, or 2.5%, to $12.78, while Primaris REIT grabbed 19 cents, or 1.5%, to $12.65.
Gold was also on the plus side, with Wesdome Gold surging 40 cents, or 3.2%, to $12.92, while New Gold acquired seven cents, or 4.6%, to $1.60.
Communications pulled things downward, as Rogers declined $1.68, or 2.7%, to $60.80, while Quebecor dropped 39 cents, or 1.3%, to $28.88.
In health-care, Bausch Health Companies withered 48 cents, or 4.9%, to $9.29.
In consumer staples, Maple Leaf Foods handed back 66 cents, or 2.5%, to $25.38, while Metro fell 79 cents, or 1.2%, to $66.91.
On the economic scene, Statistics Canada reported retail sales increased 0.9% to $60.7 billion in April. Sales were up in six of 11 subsectors, led by higher sales at general merchandise stores.
The agency also said new home prices for Canada were up 0.5% in May compared with April, following a 0.3% rise in the previous month. Prices were up in 14 of the 27 census metropolitan areas surveyed and unchanged in the other half.
The TSX Venture Exchange raced ahead 11.02 points, or 1.7%, to 652.97.
Eight of the 12 TSX subgroups moved higher with energy up 2.6%, real-estate improving 0.8%. and gold shining brighter 0.6%.
The four laggards were weighed most by communications, settling 1%, health-care, off 0.6%, and consumer staples backpedaling 0.2%.
Stocks rose Tuesday following a brutal week as investors assessed a more aggressive Federal Reserve and rising chances of a recession.
The Dow Jones Industrials moved upward 641.47 points, or 2.2%, to end Tuesday at 30,530.25.
The S&P 500 rallied 89.95 points, or 2.5%, to 3,764.79.
The NASDAQ Composite popped 270.95 points, or 2.5%, to 11,069.30, off its highs of the day.
U.S. stock markets were closed Monday for Juneteenth.
Shares of Diamondback Energy jumped 8.2% and Exxon Mobil rose 6.2%. Shares of Schlumberger and Phillips 66 gained about 6%. Shares of Halliburton climbed 5.9%.
Mega-cap tech stocks also led gains. Shares of Google-parent Alphabet jumped more than 4%. Shares of Apple and Amazon both moved more than 3%.
Chip stocks posted gains with shares of Nvidia rising more than 5%, KLA jumping more than 4% and Advanced Micro Devices climbing 3%.
Elsewhere, Kellogg's stock price rose more than 2% after the company said it would split into three separate companies.
Fed Chair Jerome Powell will testify before Congress Wednesday and Thursday. His appearance comes after a recent rate hike by three-quarters of a percentage point, the central bank's biggest increase since 1994.
Investors continued to monitor data to gauge the health of the economy. On Tuesday, the latest report from the National Association of Realtors showed sales of existing homes in May fell 3.4%, which is the weakest report since June 2020.
Treasury prices slumped, raising yields to 3.31% from Friday's 3.23%. Treasury prices and yields move in opposite directions.
Oil prices recovered $1.02 to $110.58 U.S. a barrel.
Gold prices fell eight dollars to $1,832.60 U.S. an ounce.
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