Fed meeting on radar
Equity markets in
The S&P/TSX composite index gained 15.46 points to close at 15,055.89.
The Canadian dollar was down 0.16 at
Gold stocks led the parade Tuesday, as Goldcorp gained 0.9% to
Health-care issues were also in favour, as Valeant Pharmaceuticals jumped 1.5% to
Financials climbed as
Shares of energy producers were down, reflecting weakness in the price of U.S. crude oil. Suncor Energy lost 0.9% to
Tech stocks rode to the rescue of equity markets Tuesday.
The Dow Jones Industrials gained 27.48 points to 16,808.49
The S&P 500 nicked up 4.21 points to 1,941.99, and the NASDAQ composite regained a gain of 16.12 points to 4,337.23, on the back of strong gains from Tesla and Netflix, among others.
The company's shares were more than 4% higher, building on momentum from yesterday's gains after the company said it would share its patent information. Tesla stock is up over 55% for the year.
In a separate development, his green energy company SolarCity announced that it acquired solar panel manufacturer Silevo for
Charles Schwab, TD Ameritrade and E*Trade Financial shares are up after a
Apparently, the market seems to think the online brokerages came out okay. Charles Schwab stock was up more than 6% in afternoon trading, TD Ameritrade was up more than 5.5% and E*Trade shares were doing even better, more than 8% higher.
Netflix stock had a terrific Tuesday. Shares were up more than 3% after an upgrade by Morgan Stanley, which now recommends overweighting the video company. Shares were just
Meanwhile, Amazon will reportedly give its AT&T exclusive access to its new smartphone. Amazon is down slightly, while AT&T is up modestly.
Tuesday was the first day of the Federal Reserve's big meeting, and investors hotly anticipated the latest inflation data from the
The so-called "core inflation" (which excludes volatile categories like food and energy) rose 0.3% from last month and 2% annually, also beating expectations.
Although the Fed is keeping a close eye on inflation and unemployment, this month's price data likely won't be enough to cause any immediate Fed policy changes. Bond yields for treasury notes maturing in one year or less were down, with longer-term treasury yields rising.
Prices for 10-year U.S. Treasuries fell hard, raising yields to 2.66% from Monday's 2.60%. Treasury prices and yields move in opposite directions
Oil prices retreated
Gold prices faded
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