Cineplex, gold stocks in news
Reassuring words from the new chair of the U.S. Federal Reserve sent North American stock markets rallying sharply Tuesday afternoon.
The S&P/TSX composite index grew 86.81 points to end the day at 13,880.99
The Canadian dollar gained
On the earnings front, Cineplex Inc. had
Flight simulator maker CAE Inc. had
Mining stocks led TSX advancers with the gold group ahead as Iamgold accumulated
The base metals sector climbed, as the March copper contract was down
Teck Resources added
The energy sector was ahead as Imperial Oil gained
The financials sector also provided lift, as TD shares lost
All 14 Toronto subgroups were positive, with gold surging 2.9%, global base metals tacking on 1.8%, and materials up 1.7%.
Stocks got a boost Tuesday as new Fed chairwoman
The Dow Jones Industrial Average moved skyward 192.98 points, or 1.2%, to close the day's trading at 15,994.77, after briefly crossing the 16,000 threshold for the first time since
The S&P 500 index gained 19.91 points to 1,819.75. The NASDAQ added 42.88 points to 4,191.05.
Tuesday marked the Dow's fourth straight up day. The blue-chip index has clawed back from a few weeks ago, but is still down 3.5% this year.
Thanks to Tuesday's rally, the S&P 500 is now less than 2% below its all-time high. And the NASDAQ inched into positive territory for 2014.
On the earnings front, Sprint shares rose after the wireless carrier reported better-than-expected revenue and decent subscriber gains. The company posted a loss, but the losses narrowed from a year earlier. Sprint has reportedly been thinking of making a bid for its rival T-Mobile. But there are doubts about whether a deal would pass regulatory muster.
CVS Caremark shares gained after the drugstore chain reported quarterly increases in sales and profit. The company made waves last week when it announced it would soon stop selling cigarettes and other tobacco products.
Shares of cloud computing firm Rackspace Hosting tanked after CEO
ConAgra Foods shares plunged after the packaged foods company cut its full year earnings outlook. Another food company, milk producer Dean Foods also fell on weak guidance.
Groupon shares took a dive on the news that a product management executive is leaving the daily deal site.
Yellen began testifying before the
In prepared remarks, Yellen said the central bank plans to continue easing its stimulus program, a big driver of the 2013 stock market rally.
Since January, the Fed has gradually been reducing the pace of that stimulus. After buying
Prices for 10-year U.S. Treasuries dipped, raising yields to 2.72% from Monday's 2.68%. Treasury prices and yields move in opposite directions.
Oil prices faded
Gold prices rose
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