(
MENAFN- Baystreet.ca)
TSX Resumes Climb on Tech Boosts
BMO Drops
Canada's main stock
index reversed course to hover around a two-week high, lifted by
Gold and
technology stocks, while
bank of Montreal slipped after the Canadian lender missed quarterly
profit estimates.
The TSX climbed 137.47 points to move into the afternoon at 20,162.61.
The Canadian dollar recovered 0.05 cents to 73.57 cents U.S.
Bank of Nova Scotia's shares rose 79 cents, or 1.3%, to $63.61 as investors were encouraged by a 12.7% improvement in the lender's capital position and better expense management, even as the fourth-largest Canadian bank missed quarterly profit estimates.
Gains were limited by a drop in Bank of Montreal's shares after the country's third-largest bank missed analysts' estimates for quarterly profit as it set aside more funds to cover bad loans. The stock was the worst performer on the benchmark index losing 66 cents to $113.41.
ON BAYSTREET
The TSX Venture Exchange regained 4.17 points to 586.89.
All 12 TSX subgroups gained ground Tuesday, information technology picking up 1.9%, materials ahead 1.2%, and gold better by 1.1%.
ON WALLSTREET
The NASDAQ Composite climbed more than 1% 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 gained 155.81 points to 34,751.79.
The S&P 500 index sprang up 44.4 points, or 1%, to 4,477.71.
The tech-heavy NASDAQ index popped 203.34 points, or 1.5%, to 13,908.47.
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%.
Chipmaker Nvidia led the charge of rising tech stocks with a gain of more than 3%. 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.
Elsewhere, shares of retailer Best Buy added 5.6% after reporting an earnings beat. Telecommunications firm AT&T was also trading higher on an upgrade from Citi earlier in the day, and helped lead the S&P 500 higher. Salesforce ticked down 0.2% after JPMorgan removed the company from the firm's list of top picks.
Coinbase surged 13% after the U.S. Court of Appeals for the DC Circuit said the Securities and Exchange Commission incorrectly denied Grayscale permission to convert its bitcoin trust into an exchange traded fund.
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 4.17% from Monday's 4.21%. Treasury prices and yields move in opposite directions.
Oil prices handed back 28 cents to $80.38 U.S. a barrel.
Gold prices leaped $17.10 to $1,963.90 U.S. an ounce.
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