Stocks Open With Mild Gains, Rally Runs Out Of Steam

(MENAFN- Baystreet)
Canada's main stock index opened subdued on Thursday after rallying in the previous two sessions, as investors took a breather to assess the Trump administration's shifting positions on tariffs.
The TSX Composite Index gained 53.03 points to begin Thursday's session at 24,525.71.
The Canadian dollar inched 0.10 cents to 72.16 cents U.S.
Teck Resources beat first-quarter expectations, helped by higher commodity prices and copper sales volumes. Teck shares prospered $2.06, or 4.3%, to $50.43.
On the economic agenda, Statistics Canada reports the number of employees receiving pay and benefits from their employer-measured as "payroll employment" in the Survey of Employment, Payrolls and Hours-decreased by 49,000 (-0.3%) in February, following an increase of 14,400 (+0.1%) in January.
On a year-over-year basis, payroll employment was up 124,300 (+0.7%) in February.
ON BAYSTREET
The TSX Venture Exchange added 3.68 points to 639.11.
Eight of the 12 subgroups were higher to begin the session, led by health-care, improving 2.2%, information technology, popping 1.6%, and energy, 0.5% more energetic.
The four laggards were weighed most by consumer staples, down 0.6%, while industrials and utilities each shed 0.2%.
ON WALLSTREET
The S&P 500 was little changed Thursday as traders continued to look for signs of progress on the global trade front.
The Dow Jones Industrials gained 195.59 points to 39,802.16, despite a 6% drop in IBM shares.
The S&P index climbed 62.25 points, or 1.2%, to 5,438.48
The NASDAQ Composite climbed 275.86 points, or 1.7%, to 16,983.91
China said overnight that there were no trade talks taking place with the U.S., with Ministry of Commerce spokesperson He Yadong adding that“all sayings” regarding progress on bilateral talks should be dismissed. He also called for the cancelation of“unilateral” tariffs.
Those remarks came after President Donald Trump said he is willing to take a less confrontational approach toward trade talks with Beijing.
Further, Treasury Secretary Scott Bessent said Wednesday that the U.S. has the“opportunity for a big deal” on trade. Chinese imports are subject to a U.S. tariff of 145%.
Prices for the 10-year Treasury gained ground Thursday, lowering yields to 4.32% from Wednesday's 4.38%. Treasury prices and yields in opposite directions.
Oil prices inched higher 27 cents to $62.54 U.S. a barrel.
Prices for gold jumped $27.00 to $3,321.10 U.S.

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