Canadian stock indexes aped their American cousins, and moved sharply Tuesday, on strength of resource and health-care issues.
The TSX ended Tuesday up 119.08 points to 17,506.48.
The Canadian dollar captured 0.39 cents to 78.75 cents U.S.
Golds led the brigade, with Equinox Gold heading higher 51 cents, or 4.1%, to $13.11, while Alamos Gold improving 45 cents, or 4.9%, to $11.70.
In health-care, Aurora Cannabis traveled 74 cents, or 6.1%, to $12.95, while Canopy Growth climbed $1.50, or 4.7%, to $12.95.
In other resource stocks, First Majestic Silver gained a dollar, or 7.5%, to $14.38, while Silvercorp Metals spiking 58 cents, or 8.1%, to $7.75.
Communications issues, however, withered, as Quebecor lost 52 cents, or 1.6%, to $33.10, while BCE settled 81 cents, or 1.4%, to $55.71.
Among consumer staples, Empire Company gave back 81 cents, or 1.4%, to $55.71, while Jamieson Wellness backpedaled 32 cents to $35.08.
Tech issues also moved downward, as Kinaxis dipped $4.59, or 2.6%, to $170.91, while Constellation Software fell $31.18, or 1.9%, to 1,636.80.
On the economic calendar, Statistics Canada reported manufacturing sales rose 0.3% to $54.1 billion in October on higher sales of non-durable products. Nevertheless, sales in the manufacturing sector were 3.0% below their pre-pandemic levels in February.
Canada Mortgage and Housing Corporation reported the trend in housing starts was 231,491 units in November, up from 222,989 units in October.
Canada kicked off its inoculation campaign against COVID-19 on Monday by injecting frontline health-care workers and elderly nursing home residents, becoming just the third nation in the world to administer the Pfizer/BioNTech vaccine.
The TSX Venture Exchange gained 8.77 points, or 1.1%, to 791.24.
All but three of the 12 TSX subgroups remained positive, with gold up 2%, while materials improved 1.5%, and consumer discretionary soared 1.1%.
The three laggards were communications, losing 0.5%, consumer staples, sliding 0.2%, while energy subsided 0.01%.
Stocks rose sharply on Tuesday as traders grew more optimistic about Congress passing another economic relief package.
The Dow Jones Industrials shot higher 337.06 points to close at 30,199.31. Apple led the Dow higher, jumping 5% after Nikkei reported the company will increase iPhone production by about 30% in the first half of 2021
The S&P 500 jumped 47.13 points to 3,694.62. All 11 S&P 500 sectors registered gains on Tuesday, led by energy and utilities.
The NASDAQ screamed higher 155.02 points, or 1.7% to 12,595.06, reaching a new record closing high.
House Speaker Nancy Pelosi invited congressional leaders, including Senate Majority Mitch McConnell, to discuss government funding and coronavirus relief, a source told the media. Pelosi’s outreach came after a bipartisan group of lawmakers released a proposal for another round of economic relief on Monday evening, splitting a previous measure into two parts.
The new plan calls for $748 billion in spending for programs that are popular on both sides of the aisle, including an additional $300 per week in federal unemployment benefits and another $300 billion for more loans under the Paycheck Protection Program.
A second $160-billion bill would include the more contentious areas of business liability protections and financial aid to state and local governments.
The latest step toward a stimulus deal comes as investors and Americans at large grapple with a bleak near-term outlook but prospects of economic growth and the possible end of the pandemic in 2021.
The first round of shots from the vaccine developed by Pfizer and BioNTech were given in the U.S. on Monday, but the country also passed 300,000 deaths from COVID-19, according to data from Johns Hopkins University. New York City Mayor Bill de Blasio also warned residents that a full shutdown may be needed to protect the city’s hospitals.
On Tuesday morning, the Food and Drug Administration said the data on Moderna’s coronavirus vaccine met expectations for emergency use, a crucial step before a full approval. If the FDA greenlights the vaccine, it would be the second approved for use in the U.S. behind Pfizer’s. Shares of Moderna dipped 3.4%.
The Federal Reserve will begin its two-day December meeting on Tuesday, with a policy statement and press conference for Chair Jerome Powell scheduled for Wednesday.
Prices for the 10-Year Treasury dipped, raising yields to 0.91% from Monday’s 0.90%. Treasury prices and yields move in opposite directions.
Oil prices recovered 55 cents to $47.60 U.S. a barrel.
Gold prices brightened $24.50 to $1,849.60