Baystreet.ca - Canada's main stock index hit a record high on Tuesday due to gains in energy and mining company shares after China's monetary stimulus boosted commodity prices across the world.
The TSX Composite Index gained 61.84 points to open Tuesday at 23,956.55.
The Canadian dollar advanced 0.18 cents to 74.00 cents U.S.
In corporate news, Cineplex has been ordered to pay nearly $39 million after the Competition Tribunal found that the cinema operator engaged in deceptive marketing. Cineplex shares lost 35 cents, or 3.2%, to $10.60.
ON BAYSTREET
The TSX Venture Exchange added 3.55 points to 591.75.
Eight of the 12 TSX subgroups gained ground, led by energy stocks, up 1.7%, materials, better by 1.4%, and consumer discretionary, ahead 0.3%.
The four laggards were weighed most by information technology, sliding 0.7%, communications, down 0.3%, and consumer staples, off 0.04%.
ON WALLSTREET
The S&P 500 pulled back on Tuesday after a softer-than-expected consumer confidence reading.
The Dow Jones Industrials gained 29.34 points to 42,153.99, yet another record high.
The much-broader index subtracted 13.24 points to 5,705.23.
The NASDAQ Composite fell 80.4 points to 17,893.87.
Despite Tuesday’s moves, the major averages were headed for solid monthly gains. The Dow was up 1.4% in September. The S&P 500 and NASDAQ have risen 1% and 1.2%, respectively. Some of those gains come as investors grow hopeful that lower rates from the Federal Reserve will drive economic growth and boost profits.
Consumer confidence fell to the lowest level in more than three years for September, the Conference Board said on Tuesday. The Board’s Consumer Confidence Index pulled back to 98.7 for the month, down from 105.6 in August and below the 104 Dow Jones consensus estimate.
The data follows a warning from JPMorgan Chase (NYSE:JPM) CEO Jamie Dimon about geopolitical instability “getting worse” and being his “biggest caution.” Dimon added that the worrisome backdrop could influence “the state of the economy” moving forward.
Prices for the 10-year Treasury were unchanged, leaving yields at Monday’s 3.75%.
Oil prices forged higher $1.29 at $71.66 U.S. a barrel.
Gold prices hiked $10.60 to $2,663.10 U.S. an ounce