9CORRECTS OPENING TSX READING, IS IN FACT 26,192.79)
Canada's main stock index opened higher on Tuesday in broad-based gains, as investors embraced U.S. President Donald Trump's decision to delay his proposed tariffs on imports from the European Union.
The TSX Composite Index on Tuesday added 119.66 points to Monday’s all-time high, to 26,192.79.
The Canadian dollar edged back 0.17 cents to 72.63 cents U.S.
Trump on Sunday backed away from his threat to impose 50% tariffs on European Union shipments between June 1 and July 9 after European Commission President Ursula von der Leyen said the 27-nation bloc needed more time to produce a deal.
In corporate news, Bank of Nova Scotia reported a fall in second-quarter profit. Shares in the bank gained 76 cents, or 1.1%, to $72.50
ON BAYSTREET
The TSX Venture Exchange inched ahead 1.77 to begin Tuesday at 699.54.
Eight of the 12 TSX subgroups were in the green in the first hour, with real-estate’s 1.9% gain leading the way, while consumer staples and health-care issues each acquired 1.7%.
The four laggards were weighed most heavily by gold, slumping 1%, while materials caved 0.3%, and energy stocks were 0.2% less energetic.
ON WALLSTREET
Stocks rose Tuesday after President Donald Trump said over the holiday weekend that he agreed to delay tariffs of 50% on the European Union.
The Dow Jones Industrials sprang 473.18 points, or 1.1%, to 42,076.75.
The S&P 500 revived 87.45 points, or 1.5%, to 5,890.82
The NASDAQ Composite popped 367.48 points, or 2%, to 19,104.69.
Trump on Sunday said that he would push back the 50% levy deadline on the EU to July 9 following a request from Ursula von der Leyen, the president of the European Commission. That comes after Trump last week proposed an import tax of 50% on the EU beginning June 1.
Tesla shares popped 4% after CEO Elon Musk said he was shifting his focus away from politics and back into his companies. Other tech-related names were also higher, including Nvidia, AMD, Apple and Microsoft.
Traders this week will follow earnings from Okta due after the bell Tuesday, followed by companies such as Nvidia, Macy’s and Costco later in the week. More than 95% of S&P 500 companies have reported this earnings season and almost 78% have surpassed analyst expectations.
Prices for the 10-year Treasury were higher to open a short week Tuesday, lowering yields to 4.46% from Friday’s 4.51%. Treasury prices and yields move in opposite directions.
Oil prices retreated 56 cents to $60.97 U.S. a barrel.
Prices for gold fell $71.00 to $3,294.800.
