Stocks Continue Recovery With Solid Gains| MENAFN.COM

Tuesday, 06 December 2022 01:03 GMT

Stocks Continue Recovery With Solid Gains

(MENAFN- Stocks Continue Recovery with Solid Gains
Shopify, MEG in Forefront

The upward campaign continued Tuesday for equities in Toronto, with improvements in tech, energy and health-care.
The TSX Composite shot higher 489.80 points, or 2.6%, to close Tuesday at 19,370.99.
The Canadian dollar regained 0.62 cents to 73.99 cents U.S.
Tech shares led the way, with Shopify surging $4.44, or 11.8%, to $42.24, while Nuvei Corporation grew $3.75, or 9.9%, to $41.79.
In energy, MEG Energy soared $1.35, or 8.4%, to $17.48, while Baytex Energy rumbled 39 cents, or 6.2%, higher to $6.70.
Health-care stocks also flapped their wings, with Canopy Growth leaping 30 cents, or 7.6%, to $4.24, while Bausch Health Companies jumped 61 cents, or 6.4%, to $10.19.
The TSX Venture Exchange sprinted 14.94 points, or 2.5%, to 622.92.
All 12 TSX subgroups gained ground on the day, as information technology popped 5%, energy surged 4%, and health-care improved 3.1%.
Stocks surged Tuesday as Wall Street built on a sharp rally seen in the previous session and bond yields continued to fall.
The Dow Jones Industrials vaulted 814.88 points, or 2.8%, to 30,316.32.
The S&P 500 leaped 112.5 points, or 3.1%, to 3,790.93.
The NASDAQ Composite hiked 360.97 points, or 3.3%, to 11,176.41.
All of the major averages are now each more than 5.5% above their lows of the year. Tuesday's gains also put the S&P 500 up 5.5% for the week and marked its biggest two-day rally since March 2020.
Sentiment on Tuesday also got a boost as shares of Credit Suisse traded 4% higher. Earlier in the week there were concerns regarding the bank's financial health. The bank announced it would provide updates to its strategy alongside its third-quarter numbers.
Shares of Twitter extended their gains after a multi-hour pause in trading as Elon Musk has filed his letter to complete the deal at its original price.
The stock was trading near $51.81 per share, up more than 21% for the session and well above the $49.23 where it had been paused for most of the afternoon.
Under the terms of the deal, Elon Musk will have to pay $54.20 per share for the social media company. The market price implies that there is still some skepticism that the buyout will be completed.
There were about 1.1 million fewer job openings than expected in August, the Bureau of Labor Statistics reported Tuesday.
Available positions totaled 10.1 million for the month, less than the 11.1 million FactSet estimate, according to the Job Openings and Labor Turnover Survey.
Treasury prices held tenaciously onto gains, lowering yields to 3.64% from Monday's 3.65%. Treasury prices and yields move in opposite direction.
Oil prices gained $2.63 to $86.26 U.S. a barrel.
Gold prices brightened $31.30 to $1,733.30 U.S. an ounce.


Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.